Contract Damages That Put the Injured Party in as Good

question 5

Multiple Choice

Contract damages that put the injured party in as good a position as if the other party had performed are:

• A) compensatory damages.
• B) incidental damages.
• C) consequential damages.
• D) liquidated damages.

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Definitions:

Statement

A formal account or declaration of financial activities, transactions, positions, or performance of an entity for a specific period.

Financial Position

A snapshot of what a company owns and owes, or its assets and liabilities, at a specific point in time.

Product Warranty

A promise or guarantee given to a customer that a product is free from defects and will perform as specified for a certain period of time.

Company Tax Rate

The percentage of its profits an organization is required to pay to the government as tax.