A Genuine Estimate of Damages Contained in a Contract as a Term

question 77

Multiple Choice

A genuine estimate of damages contained in a contract as a term of the contract can best be described as

• A)reliance damages.
• B)liquidated damages.
• C)nominal damages.
• D)expectation damages.
• E)consequential damages.

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Definitions:

Price Appreciation

The increase in the market value of an asset over time, often resulting from economic factors, demand, and market conditions.

Savings Banks

Financial institutions primarily engaged in accepting savings deposits and paying interest to depositors.

Business Lending

The process by which businesses obtain funds through loans or lines of credit from banks or other financial institutions to finance their operations or expansion.

Home Mortgage Lending

The process by which banks and other financial institutions loan money to consumers for the purpose of purchasing homes, using those homes as collateral for the loans.