When Damages Are Awarded for a Violation That Involves No

question 109

Multiple Choice

When damages are awarded for a violation that involves no actual damages to a person or property, the damages are called:

• A) punitive damages
• B) trivial damages
• C) nominal damages
• D) equitable damages
• E) compensatory damages

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Definitions:

Lessee

A lessee is a person or entity who rents land or property from a lessor under the terms of a lease agreement.

Lessor

The party in a lease agreement who owns the asset and grants its use to another party (the lessee) for a specified period in exchange for payment.

Leveraged Lease

The lessor borrows a portion of the funds needed to buy the equipment to be leased.

Lessee's Standpoint

A perspective focusing on the rights, obligations, and financial impacts on the individual or entity that leases an asset from another.