ABC Electrical Inc

question 69

Multiple Choice

ABC Electrical Inc.has a contract with a building contractor that provides that in the event of breach,ABC will be entitled to damages of $10 000.Which of the following best describes this type of contract term?

• A) a liquidated damages clause
• B) a condition precedent
• C) an exemption clause
• D) a limitation of liability clause

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Definitions:

Tar Pits

Natural deposits where a form of petroleum called bitumen seeps to the surface, creating pools of tar known for preserving ancient biological specimens.

Unconformity

The contact zone between unlike strata groups, marking a historical period of erosive activity or absence of sediment deposition.

Permeable Units

Layers of earth materials, such as sand or gravel, that allow water to pass through easily.

Impermeable Units

Impermeable units refer to layers of rock or sediment that water cannot easily pass through, significantly affecting the flow of groundwater and the storage of hydrocarbons.