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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.
An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
Financial compensation refers to the act of providing a person with money or other things of economic value in exchange for their goods, labor, or to provide for the costs of injuries that they have incurred. The aim of financial compensation is the preservation of relationships between those engaged in economic exchange.
Tort law is referred to as the law of delict in Scots and Roman Dutch law, and resembles tort law in common law jurisdictions in that rules regarding civil liability are established primarily by precedent and theory rather than an exhaustive code. However, like other civil law jurisdictions, the underlying principles are drawn from Roman law.
The Bureau of Labor Statistics, [3] like the International Accounting Standards Board, [4] defines employee benefits as forms of indirect expenses. Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them.
The law of exact retaliation (Latin: lex talionis), [2] or reciprocal justice, bears the same principle that a person who has injured another person is to be penalized to a similar degree by the injured party. In softer interpretations, it means the victim receives the [estimated] value of the injury in compensation. [3]
Under common law, a liquidated damages clause will not be enforced if the purpose of the term is solely to punish a breach (in this case it is termed penal damages). [23] The clause will be enforceable if it involves a genuine attempt to quantify a loss in advance and is a good faith estimate of economic loss.
Ex gratia (/ ˌ ɛ k s ˈ ɡ r eɪ ʃ (i) ə /; [1] also spelled ex-gratia) is Latin for "by favor", and is most often used in a legal context. When something has been done ex gratia, it has been done voluntarily, out of kindness or grace.