In: Economics
A contract provision that prohibits recovery of damages is called an exculpatory clause.
Select one:
True
False
A liquidated damages provision in a contract specifies the amount is to be paid in the event of a future default or breach of contract.
Select one:
True
False
Nominal damages are awarded when the nonbreaching party's damages are very low.
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True
False
An award of damages for a breach of contract can elevate the non-breaching party to a better position than he or she would have been in if the contract had not been breached.
Select one:
True
False
Punitive damages are commonly awarded in breach of contract cases.
Select one:
True
False
1) True
An exculpatory clause refers to a contract provision that relieves one party of liability if damages are caused during the execution of the contract
2) True
A Liquidated damages clause refers to the specifies the number of damages to be paid by the breaching party if it fails to perform specified obligations and otherwise in the event of certain types of breaches under the contract
3) True
Nominal Damages refers to a small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered
4) False
An award of damages for a breach of contract can elevate the non-breaching party to a better position than he or she would have been in if the contract had not been breached. due to this non-breaching party take advantage to this
5) false
Punitive damages refer to the damages exceeding simple compensation and awarded to punish the defendant
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