Often Contracts Have a Penalty Clause If the Work Is

question 42

True/False

Often contracts have a penalty clause if the work is not performed according to the contract.

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Definitions:

Freedom of Contract

The principle that individuals have the liberty to freely enter into contracts and agree on terms without undue interference.

Caveat Emptor

Latin for "let the buyer beware," indicating that the buyer assumes the risk for the quality and condition of goods purchased unless protected by warranty.

Sale of Goods Act

Legislation governing the sale of goods, prescribing the rights and duties of buyers and sellers.

Competition Bureau

A governmental agency responsible for enforcing laws to ensure fair competition, preventing monopolies, and promoting consumer interests.