Carl contracts to sell his house and lot to Winifred for $30,000 . The terms of the contract call for Winifred to pay 5 percent of the purchase price as a deposit toward the purchase price, or a down payment. The terms further stipulate that should the buyer breach the contract, Carl will retain the money as damages. What type of damages does this agreement exemplify?
a. Compensatory c. Nominal
b. Punitive d. Liquidated
D
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Indicate whether the statement is true or false