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Consequential damages go beyond the contract itself and into the actions that arise from the failure to fulfill. The type of claim giving rise to the damages, such as whether it is a breach of contract action or tort claim, can affect the rules or calculations associated with a given type of damages. [3]
Damages in tort are quantified under two headings: general damages and special damages. In personal injury claims, damages for compensation are quantified by reference to the severity of the injuries sustained (see below general damages for more details).
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3] This is most applicable where the damages are intangible.
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. If no loss has been occasioned by the plaintiff, only nominal damages will be awarded.
Damages are categorized as either special or general. In torts, special damages are measurable costs which can be itemized such as medical expenses, lost earnings, and property damages whereas general damages include less measurable costs such as pain and suffering, loss of consortium, the effects of defamation, and emotional distress. Personal ...
Special damage examples include lost wages, medical bills, and damage to property such as one's car. General damages – these are damages that are not quantified in monetary terms (e.g., there's no invoice or receipt as there would be to prove special damages). A general damage example is an amount for the pain and suffering one experiences ...
Consequential damages are the special damage where the defendant causes to lose profit money indirectly. However, this is difficult to examined and trace the violation to the breaching party. [15] The most common cause for this damage is the breaching of a contract that leads to profit lost. [15]
Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...