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5 Cards in this Set
- Front
- Back
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Compensatory Damages
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Money awarded to a plaintiff as reimbursement for their losses; based on amount of actual damage or harm to property, lost wages or profits, pain and suffering, medical expenses, disability, etc.
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Consequential damages
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In a contract, foreseeable damages that result from special facts and circumstances arising outside the contract itself. The damages must be within the contemplation of the parties at the time the breach occurs. Also called special damages.
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Punitive damages
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Compensation awarded to a plaintiff that goes beyond reimbursement for actual losses and is imposed to punish the defendant and deter such conduct in the future.
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Nominal Damages
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Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5 to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.
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Liquidated Damages
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Damages specified as a term of the contract, before a breach of contract occurs. Often called - Stipulated Damages.
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