General Damages Are

question 33

Multiple Choice

General damages are

• A) an award of a reasonable price for work done or services performed at the request of one party but in the absence of a specific agreement as to the compensation for the goods or services.
• B) an order requiring a defendant to do a specified act, most commonly to complete a transaction.
• C) damages that flow naturally from the contract.
• D) anything of value awarded to a party to acknowledge a breach of contract where the loss sustained is negligible.
• E) an amount awarded for losses that cannot be quantified with precision in monetary terms but which nonetheless the court believes is necessary to compensate an injured party fairly.

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Definitions:

Mineral Deposits

Concentrations of minerals within the Earth's crust that can be extracted and processed into valuable materials.

Betterments

Improvements made to an asset that increase its value or extend its useful life, typically treated as capital expenditures.

Capital Expenditure

Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings, or equipment to improve long-term business operations.

Gain or Loss

The financial result from a transaction where the sale price is either higher (gain) or lower (loss) than the purchase price or the book value of an asset.