A genuine estimate of damages contained in a contract as a term of the contract can best be described as
A)reliance damages.
B)liquidated damages.
C)nominal damages.
D)expectation damages.
E)consequential damages.

Question

Quizplus · Accepted Answer

Liquidated damages are a fixed amount of damages agreed upon by the parties at the time of contract formation as a measure of compensation in the event of a breach. It represents a genuine pre-estimate of the losses that would be suffered by the innocent party in case of a breach.

A Genuine Estimate of Damages Contained in a Contract as a Term