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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.
[8] Liquidated damages; Liquidated damages refer to a predetermined amount of money that must be paid by the breaching party, and they are fixed numbers agreed upon by both parties during the formation of a contract. Courts enforcing a liquidated damages provision would consider the reasonableness of its amount, specifically if it approximates ...
Other than pecuniary damages, which is the most common type of damages recovered, there are a few other recognizable types of damages under English law, and still others that have their validity subject to ongoing debate: Injured feelings and disappointment; Injured reputation; Speculative damages; Liquidated damages and penalty; Quantum meruit [4]
[8] Additionally, in England and Wales, under s. 50 of the Senior Courts Act 1981, the High Court has discretion to award a claimant damages in lieu of specific performance (or an injunction). Such damages will normally be assessed on the same basis as damages for breach of contract, namely to place the claimant in the position he would have ...
Page No. Part I Financial Information Item 1. Financial Statements (unaudited) Consolidated Balance Sheets - April 3, 2011 and January 2, 2011 3 Consolidated Statements of Earnings for the Fiscal First Quarters Ended April 3, 2011 and April 4, 201 0 5
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.
A prayer for relief, in the law of civil procedure, is a portion of a complaint in which the plaintiff describes the remedies that the plaintiff seeks from the court. For example, the plaintiff may ask for an award of compensatory damages, punitive damages, attorney's fees, an injunction to make the defendant stop a certain activity, or all of these.
The filing of a declaratory judgment lawsuit can follow the sending by one party of a cease-and-desist letter to another party. [6] A party contemplating sending such a letter risks that the recipient, or a party related to the recipient (i.e. such as a customer or supplier), may file for a declaratory judgment in their own jurisdiction, or sue for minor damages in the law of unjustified threats.