A Contract Clause Which Specifies the Amount of Damages to Be

question 34

Multiple Choice

A contract clause which specifies the amount of damages to be paid in the event of a breach is called

• A)a covenant of damages clause.
• B)a reliance interest of damages clause.
• C)a liquidated damages clause.
• D)an incidental damages clause.

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Definitions:

Employee Retirement Income Security Act

A federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.

ERISA

The Employee Retirement Income Security Act (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.

Vested

A term used to describe the point at which an employee has earned the right to keep all their benefits, often from retirement plans, regardless of their employment status with the company.

Tax Advantages

Financial benefits gained through the application of tax laws that reduce the amount of tax a person or company owes, often used to encourage certain activities or investments.