Ontario Mortgage Agent Practice Exam

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What is the purpose of damages in a contract dispute?

Consideration
Material Alterations
Damages
Assignment

The correct answer is: Damages

In a contract dispute, damages refer to financial compensation that one party is entitled to receive from the other party for any losses or damages incurred. Consideration, material alterations, and assignment are other concepts related to contract law, but they do not specifically pertain to the purpose of damages. Consideration refers to the exchange of value between parties that makes a contract legally binding. Material alterations refer to changes made to a contract that can affect its validity. Assignment refers to the transfer of rights and obligations under a contract to a third party. None of these concepts directly address the purpose of damages in a contract dispute.