Compensatory Damages

question 47

Multiple Choice

Compensatory damages

• A)are based on statutory standards of expected losses.
• B)are designed to be a civil punishment.
• C)attempt to compensate the plaintiff for his or her loss.
• D)are only available for intentional torts.

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Definitions:

Receivables

Money owed to a company by its customers or clients for goods or services that have been delivered but not yet paid for.

Direct Write-off Method

An accounting method where uncollectible accounts receivable are directly written off against income at the time they are considered unrecoverable.

Formal Written Instrument

Refers to a legal document that formally records a transaction, agreement, or legal obligation between parties.

Credit

Amount entered on the right side of an account.