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3. Regarding Liquidated Damages, all the following are correct EXCEPT : a) Must be a reasonable estimate of actual damages. b) May include punitive damages.

3. Regarding Liquidated Damages, all the following are correct EXCEPT:

a) Must be a reasonable estimate of actual damages.

b) May include punitive damages.

c) May be a fixed amount or formula.

d) Must be agreed to by both parties.

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