In relation to remedies for breach of contract, explain:(a) the difference between liquidated damages and penalty clauses; (7 marks)(b) the duty to mitigate losses. (3 marks)
In relation to company law:(a) explain the meaning of limited liability. (3 marks)(b) Explain and distinguish between:(i) unlimited companies; (2 marks)(ii) companies limited by guarantee; (2 marks)(iii) companies limited by shares. (3 marks)