If there is an increase in price of petrol, there would be a movement along the demand curve and a smaller quantity would be bought.
Liquidated Damages: These types of damages are awarded when there is a provision in a contract which states the amount of damages that shall be awarded in the event of a breach. Liquidated damages cannot be used as punishment to a party or to harm the party for the breach.
Nonforfeiture Provisions - Protects the contract holder from total forfeiture or loss of benefits if he stops making the required periodic payments and surrender charges, or penalties for cashing in the annuity before the pay o