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Damages
At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss is rarely recognized for the award of damages. Compensatory damages are further categorized into special damages, which are economic losses such as loss of earnings, property damage and medical expenses, and general damages, which are non-economic damages such as pain and suffering and emotional distress. Rather than being compensatory, at common law damages may instead be nominal, contemptuous or exemplary. History Among the Saxons, a monetary value called a '' weregild'' was assigned to every human being and every piece of property in the Salic Code. If property was stolen or someone was injured or killed, the guilty person had to pay th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tort
A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law jurisdictions largely derives from Roman law, common law jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidated Damages
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of ''English Hop Growers v Dering'', 2 KB 174, CA (1928). 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. Thus, they are most appropriate when (a) the parties can agree in advance on rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Misrepresentation
In common law jurisdictions, a misrepresentation is a False statements of fact, false or misleading''Royal Mail Case, R v Kylsant'' [1931] Question of law, statement of fact made during negotiations by one party to another, the statement then inducing that other party to enter into a contract. The misled party may normally rescind the contract, and sometimes may be awarded damages as well (or instead of rescission). The law of misrepresentation is an amalgam of contract and tort; and its sources are common law, equity and statute. In England and Wales, the common law was amended by the Misrepresentation Act 1967. The general principle of misrepresentation has been adopted by the United States and other former British colonies, e.g. India. Representation and contract terms A "representation" is a pre-contractual statement made during negotiations. If a representation has been incorporated into the contract as a Contractual term, term, then the normal remedies for breach of contra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expectation Damages
Expectation damages are damages recoverable from a breach of contract by the non-breaching party. An award of expectation damages protects the injured party's interest in realising the value of the expectancy that was created by the promise of the other party. Thus, the impact of the breach on the promisee is to be effectively "undone" with the award of expectation damages. The purpose of expectation damages is to put the non-breaching party in the position it would have occupied had the contract been fulfilled. Expectation damages can be contrasted to reliance damages and restitution damages, which are remedies that address other types of interests of parties involved in enforceable promises. The default for expectation damages are monetary damages which are subject to limitations or exceptions (see below) Expectation damages are measured by the diminution in value, coupled with consequential and incidental damages. History In Robinson v Harman, B Parke of the Excheq ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Remedy
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual. In common law jurisdictions and mixed civil-common law jurisdictions, the law of remedies distinguishes between a legal remedy (e.g. a specific amount of monetary damages) and an equitable remedy (e.g. injunctive relief or specific performance). Another type of remedy available in these systems is declaratory relief, where a court determines the rights of the parties to action without awarding damages or ordering equitable relief. The type of legal remedies to be applied in specific cases depend on the nature of the wrongful act and its liability. In international human rights law, there is a right to an effective remedy. In the legal system of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consequential Damages
Consequential damages, otherwise known as special damages, are damages that can be proven to have occurred because of the failure of one party to meet a contractual obligation, a breach of contract. From a legal standpoint, an enforceable contract is present when it is: expressed by a valid offer and acceptance, has adequate consideration, mutual assent, capacity, and legality. Consequential damages go beyond the contract itself and into the actions that arise from the failure to fulfill. The type of claim giving rise to the damages, such as whether it is a breach of contract action or tort claim, can affect the rules or calculations associated with a given type of damages. For example, consequential damages are a potential type of expectation damages that arise in contract law. When a contract is breached, the recognized remedy for an owner is recovery of damages that result directly from the breach (also known as "compensatory damages"). Damages may include the cost to repa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reliance Damages (law)
In law, reliance damages measure the compensation to be given to a person who has suffered an economic harm through acting in reliance on a party who failed to fulfill their contractual obligation.. If the injured party could go back in time, they should be indifferent to entering into the contract that would be breached and receiving the reliance damages as opposed to not entering into any contract with the breaching party. The injured party should be put in a substantially similar situation position as they would have been had the contract not been entered into. This is different from expectation damages, where the injured party should be indifferent between the fulfillment of the contract and never having entered into the contract. Scope Reliance damages are valued by a party's reliance interest for the reasonably foreseeable amount. They put the injured party in the same financial position as if the contract had never been formed. Reliance interest is one of the three prongs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weregild
Weregild (also spelled wergild, wergeld (in archaic/historical usage of English), weregeld, etc.), also known as man price ( blood money), was a precept in some historical legal codes whereby a monetary value was established for a person's life, to be paid as a fine or as compensatory damages to the person's family if that person was killed or injured by another. Etymology and terminology The compound noun weregild means "remuneration for a man", from Proto-Germanic "man, human" and "retaliation, remuneration". In the south Germanic area, this is the most common term used to mean "payment for killing a man" (Old High German , Langobardic , Old English ), whereas in the North Germanic area, the more common term is Old Norse , with the same meaning. Wolfgang Haubrichs argues that wergild is "undoubtably a West Germanic word" which spread throughout the various Germanic-speaking peoples, but which in the north was replaced with since the meaning of the element "wer-" had been ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forensic Accounting
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct, or financial misconduct within the workplace by employees, officers or directors of the organization. Forensic accountants apply a range of skills and methods to determine whether there has been financial misconduct by the firm or its employees. History Forensic accounting was not formally defined until the 1940s. Originally Frank Wilson is credited with the birth of forensic accounting in the 1930s. When Wilson was working as a CPA for the US Internal Revenue Service, he was assigned to investigate the transactions of the infamous gangster Al Capone. Capone was known for his involvement in illegal activities, including violent crimes. However it was Capone's federal income tax fraud that was discovered by forensic accountants. Wilson's diligent analysis of the financial records of Al Capone resu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Causation In English Law
Causation in English law concerns the legal tests of remoteness, causation and foreseeability in the tort of negligence. It is also relevant for English criminal law and English contract law. In the English law of negligence, causation proves a direct link between the defendant’s negligence and the claimant’s loss and damage. For these purposes, liability in negligence is established when there is a breach of the duty of care owed by the defendant to the claimant that causes loss and damage, and it is reasonable that the defendant should compensate the claimant for that loss and damage. 'But for' causation The basic test for establishing causation is the "but for" (or counterfactual) test in which the defendant will be liable only if the claimant’s damage would not have occurred "but for" his negligence. An alternative formulation of the test: a defendant will not be liable if the damage would (or could on the balance of probabilities) have occurred anyway, regardl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penal Damages
Penal damages are liquidated damages which exceed reasonable compensatory damages, making them invalid under common law. While liquidated damage clauses set a pre-agreed value on the expected loss to one party if the other party were to breach the contract, penal damages go further and seek to penalise the breaching party beyond the reasonable losses from the breach. Many clauses which are found to be penal (i.e. "penalty clauses") are expressed as liquidated damages clauses but have been seen by courts as excessive and thus invalid. The judicial approach to penal damages is conceptually important as it is one of the few examples of judicial paternalism in contract law. Even if two parties genuinely and without coercion wish to consent to a contract which includes a penal clause, they are unable to. In the United States, a 1947 legal case relating to the contracted supply of dried eggs to the Federal Surplus Commodities Corporation to be supplied as aid to Russia in 1942 (Pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McRae V Commonwealth Disposals Commission
''McRae v Commonwealth Disposals Commission'',. is an Australian contract law case, relevant for English contract law, concerning the common mistake about the possibility of performing an agreement. Facts The Commonwealth Disposals Commission sold McRae a shipwreck of a tanker on the "Jourmand Reef", near Samarai supposedly containing oil. The McRae brothers went to Samarai and found no tanker, and that there was no such place as the Jourmand Reef. It later became clear that the Commission officer had made a 'reckless and irresponsible' mistake in thinking that they had a tanker to sell (the Court found that they had relied on mere gossip). The McRae brothers incurred considerable expense in fitting out a salvage operation. The McRae brothers commenced an action claiming damages against the Commission. First they claimed damages for breach of contract to sell a tanker at the location specified. Second, they claimed damages for fraudulent misrepresentation that there was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
