Question

In: Economics

A contract provision that prohibits recovery of damages is called an exculpatory clause. Select one: True...

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.

Select one:

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

Solutions

Expert Solution

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

For any query please comment.


Related Solutions

Q2) what are liquidated damages? Why to include a liquidated damages clause in the contract? Are...
Q2) what are liquidated damages? Why to include a liquidated damages clause in the contract? Are they enforceable? How to calculate the amount of liquidated damage?
________________ by one party to a contract entitles the other party to sue immediately for damages...
________________ by one party to a contract entitles the other party to sue immediately for damages or other remedies. a. Request for specific performance b. Denial of a request for restitution c. Demand of assurance of performance d. Anticipatory repudiation If an employer is charged with violating anti-discrimination laws, the employer could defend itself by claiming its action was based on a. bona fide occupational qualification b. business necessity c. all of the choices are possible employer defenses. d. seniority...
Which of the following statements about the Modified Accelerated Cost Recovery System (MACRS) is true? (Select...
Which of the following statements about the Modified Accelerated Cost Recovery System (MACRS) is true? (Select all that apply.) Check All That Apply MACRS is not acceptable for financial reporting purposes. MACRS is similar to the units-of-production method and is applied over relatively short asset lives to yield high depreciation expense in the early years. Most corporations use MACRS to calculate depreciation expense for their tax returns. The lower amounts depreciation expense reported under MACRS reduces a corporation's taxable income...
Select the TRUE statement from the following: Select one: a. The outermost electrons of Fe3+ are...
Select the TRUE statement from the following: Select one: a. The outermost electrons of Fe3+ are more energetic than the outermost electrons of Fe0 b. When the Cr atom loses electrons to become positively charged, the first electrons lost are from the 3d subshell. c. For any given element, the anion will be smaller than the neutral atom. d. For any given element, the cation will be smaller than the neutral atom.
Select all answers that are true of the nerve pathway within the ANS. Select one or...
Select all answers that are true of the nerve pathway within the ANS. Select one or more: a. the post synaptic/ganglionic nerve reaches a single target cell b. it involves unmyelinated axons c. there is only 1 nerve d. the post synaptic/ganglionic nerve reaches multiple target cells e. there is a synapse f. it uses the neurotransmitter NE g. multiple synapses are involved h. it uses the neurotransmitter ACh i. it involves myelinated axons j. it consists of two nerves
Which of the following is / are not true about Securitization: - Select one: a. It...
Which of the following is / are not true about Securitization: - Select one: a. It is process by which receivables are converted into securities b. It is process by which collateral securities are given by borrowers to financial institutions for loan c. It is a process by which default risk is transferred to third parties d. It is a process in which SPV plays the vital role.
Which one of the following statements is NOT true? Select one: A. The need for funding...
Which one of the following statements is NOT true? Select one: A. The need for funding does not end when a company goes public. B. Approval is obtained from the board of directors to issue securities. C. The lowest-cost source of external funds is often an open offer to the public. D. The investment bank decides how much money the company needs to raise and what type of security - such as debt, ordinary shares or preference shares - to...
1. Which of the following statements are true? Select all that apply. Select one or more:...
1. Which of the following statements are true? Select all that apply. Select one or more: a. Earnings per share is calculated by dividing retained earnings by the number of shares of common stock outstanding. b. The creditors of a firm must be satisfied before any earnings can be distributed to the common shareholders. c. When referring to ratio comparisons, time-series analysis compares a firm to that of an industry leader. d. The operating profit margin must take into account...
The relation  is known as Ohm's law Select one: True False
The relation  is known as Ohm's law Select one: True False
Which of the following is true of Software as a Service? Select one: a. It requires...
Which of the following is true of Software as a Service? Select one: a. It requires an organization to maintain and develop the software. b. It requires the installation of specialized interfaces at the client end. c. It involves fixed monthly and yearly costs for the services. d. It is not scalable in response to large increases in demand. e. It allows clients to access services on an as-needed basis.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT