Millennium Properties Enter into a Contract to Purchase Land from Oxford

Multiple Choice

Millennium Properties enter into a contract to purchase land from Oxford Management.Because Millennium wants to avoid the risk of a timely and complicated lawsuit in the case of a breach of contract,they input a clause stating the following,"If either party breaches their side of the agreement,the innocent party is entitled to $650,000." Following this,Oxford breaches the agreement and it costs Millennium $1.2 million.What action can Millennium take?

A) Millennium is entitled to $1.2 million in damages.
B) Millennium is entitled only to $650 000 in liquidated damages.
C) Millennium is entitled to $1.2 million in penalties.
D) Millennium is entitled to $650 000 in penalties.
E) Millennium is entitled to $650 000 in liquidated damages and $1.2 million in punitive damages.