Paralegal Exam Prep

Category - Miscellaneous

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The Uniform Commercial Code (UCC) permits parties to a sales contract to establish in their sales contract the damages that will be paid upon a breach of contract. Such pre-established damages are referred to as:

Contract damages.
Punitive damages.
Nominal damages.
Liquidated damages.
Actual damages.

Explanation

Answer: D. Such pre-established damages are referred to as liquidated damages. Liquidated damages replace actual damages. However, they must have some relationship to the amount of the loss of the non-breaching party.

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