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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.
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 or to a mutually agreed arbitrator. The purpose of liquidated damages is to provide certainty and to avoid both the bother and cost of legal proceedings.
Damages may be liquidated or unliquidated. Suits may be brought for Constitutional claims, particularly taking of property by the government to be compensated under the Fifth Amendment. Parties may bring suit for a refund of taxes paid. Explicitly excluded are suits in which a claim is based on a tort by the government.
In non-personal injury claims, for instance, a claim for professional negligence against solicitors, the measure of damages will be assessed by the loss suffered by the client due to the negligent act or omission by the solicitor giving rise to the loss. The loss must be reasonably foreseeable and not too remote. Financial losses are usually ...
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.
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]
In the latest edition of Yahoo U, Yahoo Finance’s Brian Cheung joins the On The Move to break down the difference between jobless claims and the unemployment rate.
One area of debate between legal and economic scholars that pertains to the quantification of statutory patent damages is whether the court may rely on information that postdates the determined date of the hypothetical negotiation between the patent holder and the alleged infringer.