Examlex
Which of the following are examples of risks that are relevant to the financial reporting process?
Consequential Damages
A type of damages in a lawsuit that result not directly from the act but as a consequence of the initial act, often involving loss of profit or other indirect losses.
Liquidated Damages
Predetermined damages agreed upon by the parties in a contract to be paid if a specific breach occurs, as compensation not as a penalty.
Incidental Damages
Compensation for secondary or unforeseen losses resulting from a breach of contract.
Contract Remedies
Legal actions or measures that a court can order to enforce a contract, compensate for breach, or protect a party's rights under a contract.
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