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To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognized for the award of damages. [2] Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages ...
When a contract is breached, the recognized remedy for an owner is recovery of damages that result directly from the breach (also known as "compensatory damages"). Damages may include the cost to repair or complete the work in accordance with the contract documents, or the value of lost or damaged work. [4]
Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate compensatory damages. [ 1 ] In legal damages theories, diminution in value is often calculated for compensatory special damages when a loss is monetarily quantifiable, and for restitution or disgorgement ...
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.
In United States law, treble damages is a term that indicates that a statute permits a court to triple the amount of the actual/compensatory damages to be awarded to a prevailing plaintiff. Treble damages are usually a multiple of, rather than an addition to, actual damages, but on occasion they are additive, as in California Civil Code § 1719.
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual.
Compensatory damages are rewarded in an attempt to make place the innocent party in the position that would have been occupied "but for" the breach. [6] Those damages are most often awarded as payments. Punitive damages are given to "punish or make an example of a wrongdoer who has acted willfully, maliciously or fraudulently". [7]
There are six classifications of damages which are compensatory, consequential, punitive, incidental, nominal and liquidated damages. [14] The objectives to fulfil the remedies is to make the plaintiff or suffering party not to suffer, the law allows several damages or compensation to cover the losses by the injured party.