Millennium Properties Enter into a Contract to Purchase Land from Oxford

question 38

Multiple Choice

Millennium Properties enter into a contract to purchase land from Oxford Management.Because Millennium wants to avoid the risk of a timely and complicated lawsuit in the case of a breach of contract,they input a clause stating the following,"If either party breaches their side of the agreement,the innocent party is entitled to $650,000." Following this,Oxford breaches the agreement and it costs Millennium $1.2 million.What action can Millennium take?

• A)Millennium is entitled to $1.2 million in damages.
• B)Millennium is entitled only to $650 000 in liquidated damages.
• C)Millennium is entitled to $1.2 million in penalties.
• D)Millennium is entitled to $650 000 in penalties.
• E)Millennium is entitled to $650 000 in liquidated damages and $1.2 million in punitive damages.

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Definitions:

Proposal

A plan or suggestion put forward for consideration or discussion by others, typically involving a detailed and structured document.

Group Services

Describes services provided to a group of individuals to meet shared needs or goals, often in a therapeutic, educational, or support setting.

Suicides

The act of intentionally causing one's own death, often as a result of despair, mental health conditions, or other factors.

Group Contracts

Agreements created by and for members of a team to define norms, roles, and expectations for group work.