Ontario Mortgage Agent Practice Exam

Damages are a monetary award granted by the court to the non-breaching party in a contract dispute. This is used to compensate for losses suffered due to the other party's failure to fulfill their obligations under the contract. Options A, C, and D are incorrect because they do not specifically pertain to the court's award of money to remedy contract non-performance. Assignment refers to the transfer of rights or obligations under a contract to a third party. Mistake refers to an error or misunderstanding in the terms of a contract. Consideration refers to something of value given in exchange for a promise in a contract.