Damages definition in business law
For more information, see FindLaw's section on Contract Law. Remedies in Law. When lawyers talk about remedies in law, they are talking about money damages. For breach of contract cases, there are several different types of monetary remedies: Compensatory damages: This is the most common breach of contract remedy. When compensatory damagesDamages that arise in the ordinary course of events from the breach of contract are called ordinary damages. Damages arising out of natural and probable consequences of breach of contract are also considered an ordinary damage. General damages are such damages, which the law presumes from the breach of the contract. damages definition in business law
DAMAGES. The financial compensation awarded to someone who suffered an injury or was harmed by someone else's wrongful act. The indemnity given by law, to be recovered from a wrong doer by the person who has sustained an injury, either in his person, property, or relative rights, in consequence of the acts of another.
Damages definition in business law free
Definition. In tort law, a remedy in the form of monetary compensation to the harmed party. Damages: An Overview. Damages refers to the sum of money the law imposes for a breach of some duty or violation of some right. Generally, there are two types of damages: compensatory and punitive.
Definition of liquidated damages: Sum of money (agreedto and written into a contract) specified as the total amount of compensation an aggrieved party should get, if
Liquidated Damages: Agreedupon damages that the parties say they will pay in the event of a contract breach. Nominal Damages: Awarded when no party suffered harm after a breach of contract. Quantum Meruit: Awarded to a party as payment for any performance prior to the other partys breach of contract.
DAMAGES, practice. The indemnity given by law, to be recovered from a wrong doer by the person who has sustained an injury, either in his person, property, or relative rights, in consequence of the acts of another. 2. Damages are given either for breaches of contracts, or for tortious acts. 3.
Punitive damages (to punish), sometimes called exemplary damages (to serve as an example), are recoverable in tort cases as punishment for the outrageous. malicious,
The definition, broken into its parts, says that there was a failure to take care and that failure caused damage to someone else. Note that the care required depends on (a) a reasonably prudent person, and (b) the specific situation.
(2) Special (or specific): damages that are not presumed in law and are a direct result of an action or injury, such as loss of earnings, medical expenses, and
Rating: 4.36 / Views: 572