Final Exam Review Chapter 10 Legal Remedy: a remedy available through legal action Damages: the sum of money that may be recovered in the courts as financial reparation for an injury or wrong suffered as a result of breach of contract or tortious act Equitable relief/remedy: Relief other than money damages Compensatory damages/ actual damages: damages recoverable in a lawsuit for loss or injury suffered by the plaintiff as a result of the defendant’s conduct. Consequential damages: indirect losses damages that do not result from the wrongful act itself but from the result or aftermath Speculative damages: damages that have yet to occur and whose occurrence is doubtful Punitive damages/exemplary: Damages that are awarded over and above compensatory damages because of wanton, reckless, or malicious nature of the wrong done by the plaintiff Tort: a wrong involving a breach of duty and resulting in an injury to the person or property of another Treble damages: a form of punitive damages or exemplary damages authorized by statute in some circumstances if warranted by the severity of the violation or the seriousness of the wrong Nominal damages: damages awarded to a plaintiff in a very small or symbolic amount Liquidated damages: contractually agreed to damages of the parties in the event of the breach Mitigation of damages: a doctrine in the law which requires an injured party to avoid or lesson the consequences of the other’s party’s wrongful act Lesse: the person the right of possession of real property also known as a tenant Equitable remedy: nonmonetary remedy awarded when legal remedies are either inadequate or inappropriate Specific performance: party required to perform contractual obligation promised under the original contract.
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- Fall '19
- Judicial remedies, Injunction