Specific Damages to Be Paid in Case of Breach,that the Parties

question 333

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)penalty
• C)punitive
• D)nominal
• E)none of the above

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Definitions:

Binding Precedent

A binding precedent refers to a legal case decision that must be followed by lower courts within the same jurisdiction in future cases with similar circumstances.

Stare Decisis

The legal principle of determining points in litigation according to precedent, which means to stand by things decided in previous judicial decisions.

Administrative Agencies

Governmental bodies with the authority to implement and administer particular legislation, often involved in the detailed regulation of various aspects of government policy.

Federal Administrative Agencies

Bodies established by the federal government of a country to implement and administer particular legislation and regulations.