Global Enterprise Corporation Enters into a Contract with HealthCare Insurance

question 15

Multiple Choice

Global Enterprise Corporation enters into a contract with HealthCare Insurance Company to obtain insurance for Global employees. If HealthCare breaches the contract and Global is awarded compensatory damages,the purpose would be to

• A)establish,as a matter of principle,that HealthCare acted wrongfully.
• B)provideGlobal with funds for a foreseeable loss beyond the contract.
• C)provideGlobal with funds for its loss of the bargain.
• D)punishHealthCare and deter others from similar acts.

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Definitions:

Intangibles

Intangibles refer to non-physical assets that have value, such as intellectual property, goodwill, and brand recognition.

Proceeds

The amount of money obtained from an event or transaction, such as the sale of goods or property.

Creditors

Creditors are individuals, businesses, or entities that are owed money by debtors, typically arising from the provision of goods, services, or loans.

Repossess Property

The act of a lender taking back an object, typically a vehicle or real estate, from the borrower due to failure to meet the terms of the loan agreement.