Asked by
ARVINDER SINGH
on Nov 28, 2024Verified
Jon contracts with Kino to buy a certain number of sheep for Kino's Animal Farm. Jon makes a deal with Lila for the sheep, but neither Jon nor Kino pays the price. Lila sues Jon for breach. Jon's right to hold Kino liable for any damages is the right to
A) none of the choices.
B) compensation.
C) indemnification.
D) reimbursement.
Indemnification
The act of compensating for loss or damage, often seen in contracts where one party agrees to cover the losses of another.
Damages
Monetary compensation imposed by law for loss or harm stemming from breach of contract, negligence, or other wrongful act.
Reimbursement
The act of compensating someone for an expense or loss incurred.
- Understand the obligations principals and agents have towards one another, such as collaboration, compensation for losses, and repayment.
Verified Answer
JM
Learning Objectives
- Understand the obligations principals and agents have towards one another, such as collaboration, compensation for losses, and repayment.