State the comparison between ordinary damages and liquidated damages
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When the amount of damages is fixed by the parties on the basis of a reasonable estimate of the probable actual loss which a party will suffer in case of breach is called liquidated damages.
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Liquidated damages: If the amount fixed by all parties is a genuine estimate of the loss by a future breach of contract, then it is liquidated damages. ... Penalty: If the amount fixed by all parties is unreasonable or used to force the performing party to fulfill the obligation, then it is a penalty.
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