What are the types of monetary damages?

• Compensatory damages. Examples include pain and suffering or loss of income. ...
• Nominal damages. This occurs in situations where legal fault is determined, but there is little or no actual loss.
• Punitive damages. ...
• Liquidated damages.

• COMPENSATORY. Compensatory damages are generally the most identifiable and concrete type of damages. ...
• GENERAL. General damages are sought in conjunction with compensatory damages. ...
• PUNITIVE. Punitive damages are meant to punish a Defendant for particularly egregious conduct.

• 1] Ordinary damages. ...
• 2] Special Damages. ...
• 3] Vindictive or Exemplary Damages. ...
• 4] Nominal Damages. ...
• 5] Damages for Deterioration caused by Delay. ...
• 6] Pre-fixed damages.

What are the 6 types of damages?

There are six different types of damages: compensatory, incidental, consequential, nominal, liquidated, and (sometimes) punitive.

What are the four types of damages?

What are 2 types of compensatory damages?

Compensatory damages are intended to compensate the plaintiff of a lawsuit with enough money to cover the actual amount of the injury or loss. There are two basic types of compensatory damages, actual and general.

What are compensatory and punitive damages?

Compensatory damages, like the name suggests, are intended to compensate the injured party for loss or injury. Punitive damages are awarded to punish a wrongdoer.

What is monetary loss?

loss resulting from changes in the buying power of money.

What are the 4 types of damages available for breach of contract?

What are the types of damages in business law?

There are four types of damages which can be claimed by the aggrieved party. Ordinary Damages or General Damages. Exemplary or Vindictive Damages. Nominal Damages.

What are the types of damages in tort law?

Unliquidated Damages under Tort means those damages which are not predetermined and are based upon the evaluation of loss the person has suffered. Unliquidated Damages are awarded in the case of Torts as both of the parties are unaware of the potential loss's compensatory equivalence.

What are financial damages?

Definitions. Economic damages refers to compensation for objectively verifiable monetary losses such as past and future medical expenses, loss of past and future earnings, loss of use of property, costs of repair or replacement, the economic value of domestic services, and loss of employment or business opportunities.

What is monetary compensation law?

Monetary compensation means regular straight-time earnings, payments for overtime, and sales commissions, all prior to deduction of taxes and other withholding charges, but excludes incentive compensation, bonuses and other special payments.

What Does tort money damages mean?

The concept of tort law is to redress a wrong done to a person and provide relief from the wrongful acts of others, usually by awarding monetary damages as compensation. The original intent of tort is to provide full compensation for proved harms.

What are punitive damages examples?

Individuals can also be ordered to pay punitive damages that injure someone else due to negligent behavior. Examples of this would be drunk driving or distracted driving. In both cases, the defendant would have made a conscious decision to engage in behavior that could easily harm another person.

What is the difference between compensatory and aggravated damages?

Aggravated damages are awarded to compensate for aggravated damage. … They take account of intangible injuries and by definition will generally augment damages assessed under the general rules relating to the assessment of damages. Aggravated damages are compensatory in nature and may only be awarded for that purpose.

What is the difference between pecuniary and non pecuniary damages?

Pecuniary losses are losses that you can measure in money, usually by producing a receipt or a bill to show that you have paid an expense or will incur an expense or financial loss in the future. Non-pecuniary damages in a personal injury claim are those losses that cannot be measured precisely in money.

What are examples of consequential damages?

Commonly, consequential damages include property damage, personal injury, attorneys' fee, lost profits, loss of use, liability of buyer to customers, loss of goodwill, interest on money withheld by customers, and damages related to third party claims.

What do punitive damages mean?

Punitive damages are awarded in addition to actual damages in certain circumstances. Punitive damages are considered punishment and are typically awarded at the court's discretion when the defendant's behavior is found to be especially harmful.

What are compensatory damages also known as?

Compensatory damages are also referred to as “actual damages.” It means the objective dollar amount needed to compensate (hence, the name) a plaintiff for the monetary value of what they either lost or incurred because of the injury. Typical compensatory damages in an injury claim include: Medical bills.

What is meant by damages and what are its types?

General damages refer to those damages which arose naturally during the normal course of the events. Special damages are those that do not, of course, arise from the breach of the defendant and can only be recovered if they were in the reasonable consideration of the parties at the time they made the contract.

What are general damages?

Damages that arise directly and inevitably from a breach of contract. In other words, those damages that would be theoretically suffered by every injured party under these circumstances.

What are the three basic types of damages that a plaintiff can recover in a tort action and what is the purpose of each?

The law recognizes three major categories of damages: Compensatory Damages, which are intended to restore what a plaintiff has lost as a result of a defendant's wrongful conduct; nominal damages, which consist of a small sum awarded to a plaintiff who has suffered no substantial loss or injury but has nevertheless ...