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Damages that are sufficiently uncertain may be referred to as unliquidated damages, and may be so categorized because they are not mathematically calculable or are subject to a contingency. Contracts in the NEC3 family use the term 'low service damages' (optional clause X.17) and generally include a Low Service Damages Schedule.
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
In contract, damages is a remedy to provide monetary compensation for loss; and damages may be unliquidated (general damages), or liquidated (pre-determined). In the absence of an out-of court settlement, unliquidated damages must be ascertained by a court or tribunal, whereas liquidated damages will be determined by reference to the contract ...
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Unspecified claim was previously known in the common law, especially in Britain and Pakistan, as an unliquidated claim. [1] [2] [3] In British tax law, an unspecified claim is also any unspecified tax liability. [4] Under New York civil practice, "stating a specific sum in (a) personal injury complaint" is normally barred. [5]
Damages for breach of contract is a common law remedy, available as of right. [1] It is designed to compensate the victim for their actual loss as a result of the wrongdoer’s breach rather than to punish the wrongdoer.
The problem with the Third Circuit's holding is it treats liquidated and unliquidated debts alike. The whole theory behind requiring that the amount of a debt be disputed before the contested liability exception can be triggered is that only in the context of disputed debts is the Internal Revenue Service (IRS) unaware of the exact ...