Specific Damages to Be Paid in Case of Breach, That

question 174

Multiple Choice

Specific damages to be paid in case of breach, that the parties agree to in the contract in advance of a breach are called ____ damages:

• A) compensatory
• B) expectancy
• C) liquidated
• D) nominal
• E) punitive

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Definitions:

Total Income

Total Income refers to the combined sum of all earnings, receipts, and gains of an individual or entity during a specific period, before any deductions are made.

Chapter 7 Bankruptcy

A legal process that allows individuals or businesses to discharge most of their debts under the bankruptcy code, liquidating assets to pay off creditors.

Cash Advance

An option that allows credit card holders to withdraw a certain amount of cash immediately, often at a high interest rate.

Discharge

The release or dismissal of a person from their duties, obligations, or a liability, such as in bankruptcy or employment.