Damages in Contracts (ECE 145) PDF

DAMAGES Definition It is the sum of money which the law awards or imposes as pecuniary compensation, recompense, or satisfaction for an injury done or a wrong sustained as a consequence either of a breach of a contractual obligation or a tortuous act. Types of Damages A...

DAMAGES Definition It is the sum of money which the law awards or imposes as pecuniary compensation, recompense, or satisfaction for an injury done or a wrong sustained as a consequence either of a breach of a contractual obligation or a tortuous act. Types of Damages Actual or Compensatory Damages Moral Damages Nominal Damages Temperate or Moderate Damages Liquidate Damages Exemplary or Corrective Damages Actual or Compensatory Damages Damages that cover actual injury or economic loss. It is intended to put injured party in the position he was in prior to the injury. It typically includes medical expenses, lost wages and the repair or replacement of property Moral Damages It includes physical suffering, mental anguish, fright, serious anxiety, besmirched reputation, wounded feelings, moral shock, social humiliation, and similar injury Nominal Damages These are small and trivial sums awarded for a technical injury due to a violation of some legal right, and as a consequence of which some damages must be awarded to determine the right Temperate or Moderate Damages Temperate damages are such damages as are reasonable compensation for the injury. They are more than nominal damages but less than compensatory damages and may be recovered when the court finds that some pecuniary loss has been suffered but its amount cannot, from the nature of the case, be proved with certainty Liquidated Damages The amount of which has been agreed upon by the parties or fixed by the judgment of a competent court Exemplary or Corrective Damages Damages which are given in enhancement merely of the ordinary damages on account of wanton, reckless, malicious or oppressive character of the acts complained of.