Examlex
Which of the following is correct with respect to election of remedies?
Breach of Contract
An act of failing to fulfill the duties, terms, or conditions stipulated in a contract, which may result in legal action or penalties against the offending party.
Liquidated Damages
refers to a predetermined sum agreed upon by the parties to a contract, to be paid as compensation in case of breach of contract.
Exemption Clause
A contract term that attempts to limit or exclude liability for certain events or damages.
Deposit Forfeiture
A legal or contractual process wherein a deposit made as part of a transaction is lost due to non-compliance with the terms of the agreement.
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