Damages That Are Generally Equal to the Difference Between the Value

question 89

Multiple Choice

Damages that are generally equal to the difference between the value of the goods as warranted and the actual value of the goods accepted at the time and place of acceptance is known as ________ damages.

• A) punitive
• B) liquidated
• C) compensatory
• D) exemplary

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Definitions:

Salvage Value

The forecasted final value of an asset once it has exhausted its functional duration.

Note Payable

A written promise to pay a specified amount of money, usually with interest, at a future date; a form of debt.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual rate.

Accrued Interest

Interest that has accumulated over a period but has not yet been paid or received.