Practice question
What are liquidated damages under Article 2226?
- Damages agreed by contracting parties for breach
- Every unproved amount demanded after an accident
- Only a court's invented criminal fine
- Any money kept in a bank
- Only interest set by law
Legal references
- Civil Code Articles 1228–1229, 2216 and 2226–2228: https://lawphil.net/statutes/repacts/ra1949/ra_386_1949.html
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