Asked by jason rivera on Jul 08, 2024
Verified
Which section of the UCC,governs liquidated damages in a contract dispute?
A) 2-718
B) 1-102
C) 3-103
D) 2-745
Liquidated Damages
A predetermined sum agreed upon in a contract, to be paid as compensation if one party breaches the agreement.
UCC
A sweeping legislative structure, the Uniform Commercial Code, administers every aspect of commerce transactions within the United States.
- Examine and implement the standards for ascertaining the enforceability of liquidated damages provisions.
Verified Answer
JU
Joseph UlengcoJul 14, 2024
Final Answer :
A
Explanation :
Under section 2-718 of the UCC parties can agree to an amount of liquidated damages for breach of contract.
Learning Objectives
- Examine and implement the standards for ascertaining the enforceability of liquidated damages provisions.