A Contractor and Southampton, Inc

question 58

Multiple Choice

A contractor and Southampton, Inc.have a contract, which calls for the contractor to build a building with the completion by June 15.If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages.The $100 per day is:

• A) liquidated damages.
• B) an illegal penalty.
• C) punitive damages.
• D) nominal damages.

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Definitions:

Customer Needs

Refers to the desires and requirements of clients that a company aims to fulfill with its products or services.

Production Orientation

A business approach that focuses on the efficiency of production and distribution processes rather than understanding and meeting the needs of the consumer.

Unit Costs

The total expense incurred by a company to produce, store, and sell one unit of a particular product or service.

Merchandising

The activities involved in acquiring particular goods and services and making them available at the places, times, prices, and quantities that enable a retailer to achieve its goals.