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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.
Building contingencies into the contract: Most real estate contracts have contingencies that give sellers cause to back out. For instance, the seller may say they will only sell their property if ...
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.
The amount of statutory damages can be set on a per-incident basis, such as in the Fair Debt Collection Practices Act, which gives statutory damages of up to $1,000 for a violation of its provisions. [2] Amounts could also be set per day, as in acts proscribing human-rights violations which might specify damages of $1,000 per day. [3]
Lost volume seller is a legal term in the law of contracts. Such a seller is a special case in contract law.Ordinarily, a seller whose buyer breaches a contract and refuses to purchase the goods can recover from the breaching buyer only the difference between the contract price and the price for which the seller ultimately sells the goods to another buyer (plus, under some circumstances ...
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.
Uniqueness of the Property: The subject of the contract, especially in real estate transactions, must be unique to such an extent that monetary damages would not be a sufficient remedy. Irreparable Harm: The aggrieved party would suffer irreparable harm if specific performance were not granted, such as in cases where real property’s unique ...
Many families that were displaced or lost their homes in the Smokehouse Creek Fire are starting all over from scratch due to lack of insurance.