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:

Rough-And-Tumble

Play that involves physical activities like running, chasing, wrestling, and tumbling, often seen among children and considered important for social development.

Verbal Ability

A measure of one's capacity to use language effectively, including vocabulary, grammar, and comprehension.

Gender Stereotypes

Preconceived ideas or beliefs about the characteristics, behaviors, and roles deemed appropriate for men and women based on their sex.

Two And A Half

Refers to the age of 2.5 years, a time often noted for significant milestones in a toddler's development, including language and social skills.