If the parties agree on the amount of damages that will be paid to the injured party,this amount is known as ____.

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The buyer and seller may provide their own remedies,to be applied in the event that one of the parties fails to perform.If the parties agree on the amount of damages that will be paid to the injured party,this amount is known as liquidated damages.An agreement for liquidated damages is enforced if the amount is reasonable and if actual damages would be difficult to prove in the event of breach of the contract.

If the Parties Agree on the Amount of Damages That