A Clause in a Contract Places a Limit on the Amount

question 55

True/False

A clause in a contract places a limit on the amount of damages due from a breach is a liquidated damages clause.

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Definitions:

Public Purpose

This term refers to an underlying principle that government actions must serve the general interests of the community or public at large, rather than private interests.

Just Compensation

A principle requiring that when private property is taken for public use, the owner must be fairly compensated.

Trade Agreements

Contracts between two or more nations that outline how they will work together to ensure mutual benefit in trade.

Dispute Resolution

The process of resolving disputes or disagreements between parties through legal procedures or mutual agreements.