Generally,reasonable Liquidated Damage Clauses Will Be Enforced

question 39

Multiple Choice

Generally,reasonable liquidated damage clauses will be enforced

• A)when actual damages are easily determined.
• B)when actual damages are difficult to determine.
• C)almost always.
• D)only in real estate sales contracts.

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for accruals, deferrals, and errors to prepare for financial statement generation.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been deducted from total revenue.

Service Revenue

Income earned by a company for the services it has provided to its customers.

Common Stock

Represents ownership shares in a corporation, giving holders a claim on part of the company's profits and assets.