22. Typically in construction contracts there will be a provision awarding damages to the buyer at "X" number of dollars per day for each day the builder is late in completing the work. The parties to the contract agree upon this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay These contractually fixed payments are damages a. Punitive b. Compensatory Nominal d. Liquidated 23. If the seller of a parcel of real property breaches and refuses to sell, the best legal remedy for the buyer who wants this particular plece of property is a. Compensatory damages b. Specific performance c. Restitution d Consequential damages. 24. Betty Buyer discovers that the pin she bought from Sally Seller is not a ruby as Sally had claimed She believes that Saly's misrepresentation was innocent, but she wants to get her money back. The contract remedy Betty should seek is a. Replevin. b. Rescission. c. Consequential damages d. Specific performance. 25. Bill Renovator entered into a contract with Cart's Carpets to supply him with the carpeting he needed to complete the renovation of Famous Restaurant. When Carl informed Bill the date before delivery that he could not deliver the carpeting on the contract date, Bill had to find similar carpeting from a different vendor for $5 a yard more than he would have paid to Carl The difference between the cost of the carpet in the contract with Carl and the cost Bill had to pay the new vendor can be recovered from Carl as damages a. Punitive b. Consequential Compensatory c. Direct Loss Compensatory d. Nominal 26. Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim catches during the season for $35 per bushel. This is an example of a (n) contract a. Output b. Unilateral c. Implied in law d. Requirements e. Needs 22. Typically in construction contracts there will be a provision awarding damages to the buyer at "X" number of dollars per day for each day the builder is late in completing the work. The parties to the contract agree upon this amount in advance because they know the buyer will incur added costs, or will lose profits, because of the delay These contractually fixed payments are damages a. Punitive b. Compensatory Nominal d. Liquidated 23. If the seller of a parcel of real property breaches and refuses to sell, the best legal remedy for the buyer who wants this particular plece of property is a. Compensatory damages b. Specific performance c. Restitution d Consequential damages. 24. Betty Buyer discovers that the pin she bought from Sally Seller is not a ruby as Sally had claimed She believes that Saly's misrepresentation was innocent, but she wants to get her money back. The contract remedy Betty should seek is a. Replevin. b. Rescission. c. Consequential damages d. Specific performance. 25. Bill Renovator entered into a contract with Cart's Carpets to supply him with the carpeting he needed to complete the renovation of Famous Restaurant. When Carl informed Bill the date before delivery that he could not deliver the carpeting on the contract date, Bill had to find similar carpeting from a different vendor for $5 a yard more than he would have paid to Carl The difference between the cost of the carpet in the contract with Carl and the cost Bill had to pay the new vendor can be recovered from Carl as damages a. Punitive b. Consequential Compensatory c. Direct Loss Compensatory d. Nominal 26. Bay Crab Processor has a contract with Jim, a local crabber, to buy all the crabs Jim catches during the season for $35 per bushel. This is an example of a (n) contract a. Output b. Unilateral c. Implied in law d. Requirements e. Needs