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Damages for breach of contract is a common law remedy, available as of right. [1] It is designed to compensate the victim for their actual loss as a result of the wrongdoer’s breach rather than to punish the wrongdoer. If no loss has been occasioned by the plaintiff, only nominal damages will be awarded.
Historically, one of the best known nominal damage awards was the farthing that the jury awarded to James Whistler in his libel suit against John Ruskin. In the English jurisdiction, nominal damages are generally fixed at £5. [31] Many times a party that has been wronged but is not able to prove significant damages will sue for nominal damages.
Traditionally, when a home seller hired a real estate agent to represent their listing, the seller agreed to pay a commission. The national average has been about 5 percent of the home’s sale ...
Jaime Uziel knows that as a real estate attorney his clients depend on him to interpret the legalese that's part of any real estate transaction. He's happy to do that, he says, but he also tries ...
Lastly, where the plaintiff proves only minimal loss or damage, or the court or jury is unable to quantify the losses, the court or jury may award nominal damages. Punitive damages – Punitive damages are to punish a defendant, rather than to compensate plaintiffs, in negligence cases. In most jurisdictions punitive damages are recoverable in ...
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Diminution in value is a legal term of art used when calculating damages in a legal dispute, and describes a measure of value lost due to a circumstance or set of circumstances that caused the loss. Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate ...
For instance, the Real Estate Board of New York, or REBNY, announced that, beginning next year, seller’s agents can’t make an offer of compensation or directly compensate a buyer's agent.