A contractor and Buckingham, Inc.have a contract, which calls for the contractor to build a building with the completion of it by June 15.If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages.The $100 per day is:
A)punitive damages.
B)nominal damages.
C)liquidated damages.
D)an illegal penalty.

Question

Quizplus · Accepted Answer

Liquidated damages are a predetermined amount of money that must be paid as damages for failure to perform under a contract, such as not completing a building by a specified date.

A Contractor and Buckingham, Inc