In Contract Law,the Purpose of Imposing Monetary Damages Is to Correct

question 62

True/False

In contract law,the purpose of imposing monetary damages is to correct the wrong done when a contract is breached.

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Definitions:

Present Obligation

A duty or responsibility to act or perform in a certain way.

Goodwill

The intangible asset that arises when a buyer acquires an existing business but pays more than the fair market value of the net assets.

AASB 3

is the Australian Accounting Standards Board's standard on Business Combinations, detailing the accounting treatment for merging businesses, including the recognition and measurement of assets, liabilities, and any non-controlling interest.

IFRS 3

The International Financial Reporting Standard that deals with the accounting for business combinations, requiring assets, liabilities, non-controlling interest, and goodwill to be accounted for at fair value.