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The liquidated damages shall not preclude the demand for performance or the exercise of the cancellation right. Any penalty is presumed to constitute liquidated damages. In the U.S. state of Louisiana, which follows a civil law system, liquidated damages are referred to as "stipulated damages". [21]
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.
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.
Statutory damages are a damage award in civil law, in which the amount awarded is stipulated within the statute rather than being calculated based on the degree of harm to the plaintiff. Lawmakers will provide for statutory damages for acts in which it is difficult to determine a precise value of the loss suffered by the victim.
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]
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.
Penal damages are liquidated damages which exceed reasonable compensatory damages, making them invalid under common law.While liquidated damage clauses set a pre-agreed value on the expected loss to one party if the other party were to breach the contract, penal damages go further and seek to penalise the breaching party beyond the reasonable losses from the breach. [1]
A settlement, as well as dealing with the dispute between the parties is a contract between those parties, and is one possible (and common) result when parties sue (or contemplate so doing) each other in civil proceedings. The plaintiffs and defendants identified in the lawsuit can end the dispute between themselves without a trial. [2]