Greenlee and Monica identify in their contract an amount of damages that will be paid before a breach occurs. These types of damages are known as ________.
A) Nominal damages
B) Compensatory damages
C) Reliance damages
D) Liquidated damages
E) Consequential damages

Question

Quizplus · Accepted Answer

Liquidated damages are predetermined amounts specified in a contract that a party agrees to pay in the event of a breach. This is to provide a clear, agreed-upon consequence for failing to fulfill the contract terms.

Greenlee and Monica Identify in Their Contract an Amount of Damages