Special Damages That Compensate for a Loss Caused by Circumstances

question 15

True/False

Special damages that compensate for a loss caused by circumstances beyond the contract itself are incidental damages .

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Definitions:

Conditional Sale Contract

A contract agreement where the sale is contingent upon fulfilling certain conditions or terms.

Compounded Monthly

The process by which interest is calculated on both the principal and the accumulated interest on a monthly basis.

Deferred Annuity

An annuity contract that delays payments until the investor elects to receive them, often at retirement.

Ordinary Annuity

An ordinary annuity consists of identical payments that are made at the conclusion of successive periods for a specified duration.