Exam term
Liquidated damages
An amount or measure of damages the parties agree to in advance for a specified breach. It is enforceable only if it compensates rather than operating as a penalty.
Lessons that use this term
- Performance, breach, remedies, and discharge of contracts California
- Purchase contracts: contingencies, deposits, and liquidated damages California
- Offer, counteroffer, and acceptance, and how contracts end Florida
- Breach of contract, remedies, rescission, and termination Texas
- Earnest money, equitable title, and contingencies Texas