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What is the name given to a term in a contract where one party promises to compensate the other party for a trigger event?
Suggested Answer: D
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Indemnity- this is the definition given on p. 20
22 comments · newest first
BA
Barrett
1 month ago
Yes, indemnity is the term for compensating for losses.
LI
Lizette
1 month ago
I feel confident about D) indemnity too. It’s about compensation.
ME
Melissia
2 months ago
Warranty is more about quality, I believe. Indemnity is better.
WI
Willow
2 months ago
I was torn between B) warranty and D) indemnity.
AM
Amie
2 months ago
I agree, indemnity fits the definition.
CE
Ceola
2 months ago
I think it's D) indemnity. Sounds right.
EL
Elza
2 months ago
Good luck to everyone!
GA
Gail
2 months ago
That makes sense. I feel more confident now.
FA
Fabiola
3 months ago
Exactly! Indemnity is the promise to cover losses.
EL
Elza
3 months ago
Warranty is more about quality, not compensation.
GA
Gail
3 months ago
I was torn between B) warranty and D) indemnity.
FA
Fabiola
3 months ago
Agreed! Indemnity covers compensation.
EL
Elza
3 months ago
I think it's D) indemnity. Sounds right.
HY
Hyman
4 months ago
Surprised to see so many people getting this right!
ST
Steffanie
4 months ago
I thought it was damages, but I guess I was wrong.
LI
Lili
4 months ago
Wait, isn't that just liability?
EU
Eulah
4 months ago
Definitely indemnity, no doubt about it.
GE
Genevieve
4 months ago
It's called indemnity!
RA
Raul
4 months ago
I’m pretty confident it’s "indemnity." We had a similar practice question where that was the correct answer, right?
TH
Thaddeus
6 months ago
I’m torn between "damages" and "indemnity." I feel like both could apply, but I can't recall the exact definitions we went over.
AL
Alonzo
6 months ago
I remember practicing a question about this! "Indemnity" was definitely mentioned, but I also feel like "warranty" could be relevant in some contexts.
LE
Lezlie
6 months ago
I think the term we're looking for is "indemnity," but I'm not completely sure. It sounds familiar from our contract law discussions.