Millennium Properties Created a Contract to Purchase Land from Oxford

Multiple Choice

Millennium Properties created a contract to purchase land from Oxford Management.Unfortunately, Oxford has a poor reputation for reliability.Millennium therefore insisted upon the inclusion of the following contractual clause: "If either party breaches this contract by failing to perform as required, the innocent party shall be entitled to receive $650 000 as compensation." As feared, Oxford did refuse to fulfill its contractual obligations.As a result, Millennium suffered a loss of $1 200 000.If the dispute is resolved by a judge, which of the following statements is most likely to be TRUE?

A) Millennium will receive $1 200 000 in damages.
B) Millennium will receive $650 000 in liquidated damages.
C) Millennium will receive $1 200 000 in penalties.
D) Millennium will receive $650 000 in penalties.
E) Oxford will be given the choice of either paying $650 000 or transferring the land to Millennium.