Multiple Choice
Banks typically come under financial stress because of:
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6. Internal Controls and Reporting Cash
Fraud and the Fraud Triangle
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Those damages awarded by the court to punish the defendant are called:
A
Liquidated damages
B
Nominal damages
C
Punitive damages
D
Compensatory damages
Verified step by step guidance1
Understand the context of the question: The problem is asking about the type of damages awarded by a court to punish a defendant. This requires knowledge of legal and financial terminology.
Review the definitions of the options provided: Liquidated damages are pre-determined amounts agreed upon in a contract, nominal damages are small amounts awarded when a legal wrong has occurred but no significant loss is proven, compensatory damages are intended to compensate the plaintiff for actual losses, and punitive damages are awarded to punish the defendant and deter similar behavior.
Identify the key term in the question: The phrase 'to punish the defendant' is crucial, as it directly points to the purpose of punitive damages.
Match the key term with the correct option: Punitive damages are specifically designed to punish the defendant, making them the correct answer in this context.
Conclude that understanding the purpose of each type of damage is essential for correctly answering such questions in financial and legal contexts.
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