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To determine whether a clause is a liquidated damages clause or a penalty clause, it is necessary to consider: ... even if no actual injury occurred. These are ...
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.
Courts enforcing a liquidated damages provision would consider the reasonableness of its amount, specifically if it approximates the amount of actual damages caused, and the ascertain. Failing to meet this condition would turn liquidated damages into an unenforceable penalty that inequitably benefits the party receiving liquidated awards. [8]
The actual cash value (ACV) ... The adjuster will evaluate your policy, the reasons behind your car’s damage and the actual damages to determine how much the repairs will cost.
When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if the contract is breached.
So, for example, if your property is insured for $300,000 and wind from a tropical storm damages the roof, you would need to pay $15,000 out of pocket before your insurance covers the rest if you ...
There are many tests for determining whether an actual cause is a proximate one. Most involve some form of foreseeability. Justice Cardozo has two factors to determine if there was a proximate cause between the plaintiff's injury and the defendant's breach of duty:
Specifically, it measures the value of something before and after the causative act or omission creating the lost value in order to calculate compensatory damages. [ 1 ] In legal damages theories, diminution in value is often calculated for compensatory special damages when a loss is monetarily quantifiable, and for restitution or disgorgement ...