Final answer:
The statement is false because nominal damages are awarded when no actual damage has occurred, whereas liquidated damages refer to the predetermined amount set in the contract for breach.
Step-by-step explanation:
In contract cases, when a damage amount is specified within the contract itself, it is typically referred to as liquidated damages, not nominal damages. The statement that nominal damages are awarded when a damage amount is named in the contract is False. Nominal damages are a small monetary award granted to a plaintiff when no actual damage or substantial loss has occurred, or the plaintiff has not demonstrated such loss concretely. Liquidated damages, on the other hand, are agreed upon by the parties at the time the contract is formed, as a pre-estimate of damages in the event of a breach. They are enforceable if the amount is reasonable in proportion to the actual harm caused by the breach and is not deemed a penalty.