Among the legal remedies for breach of contract is one that is written into the contract that awards a fixed amount of money, or a formula for determining the amount of money to the nonbreaching party. For example, Tom agrees to paint Bob’s house for $5,000. The contract stipulates the work must be done by June 1st, but if it is not done by that date, Tom will only receive $4,000. This type of remedy is referred to as: _________

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01-07-2024
Law

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Among the legal remedies for breach of contract is one that is written into the contract that awards a fixed amount of money, or a formula for determining the amount of money to the nonbreaching party. For example, Tom agrees to paint Bob’s house for $5,000. The contract stipulates the work must be done by June 1st, but if it is not done by that date, Tom will only receive $4,000. This type of remedy is referred to as: _________

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