Legal Definition and Related Resources of Liquidated Damages
Meaning of Liquidated Damages
A fixed sum of money expressly and specifically agreed upon between parties at time of entering into a contract , to be paid in the event of the non- performance of the contract by either, as distinguished from a penalty which is non-enforceable. See.J.E. Hathaway & Co. v U.S., 249 U.S. 460,39 S. Cl. 346, 63 L. Ed. 707. The essence of liquidated damages is a genuine covenanted pre-estimate of the damage likely to accrue ; while the essence of a penalty is a payment of money in terrorem by the offending party . The amount of damages as fixed by the parties in advance which amount should be reasonable in that it should not be greatly disproportionate to the presumed loss or injury . See Sorenson v Connelly, 563 P.2d 328, 36 CoIo.App. 168. In somejurisdictions liquidated damages clause in contracts are invalid unless it conforms to stated statutory conditions. See Better Food Markets v American Dist. Tel. Co., 40 Cal.2d 179, 253 P.2d 10.
Liquidated Damages Alternative Definition
Liquidated damages are ascertained damages. 48 III. 408.
Related Entries of Liquidated Damages in the Encyclopedia of Law Project
Browse or run a search for Liquidated Damages in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Liquidated Damages in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Liquidated Damages in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Liquidated Damages in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
You might be also interested in these legal terms:
Mentioned in these terms
Browse
You might be interested in these references tools:
| Resource | Description |
|---|---|
| Liquidated Damages in the Dictionary | Liquidated Damages in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Liquidated Damages |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
| Legal Answers (Q&A) | A community-driven knowledge creation process, of enduring value to a broad audience |
| Related topics | Liquidated Damages in the World Encyclopedia of Law |
Notice
This definition of Liquidated Damages is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
Vocabularies (Semantic Web Information)
| Resource | Description |
|---|---|
| Topic Map | A group of names, occurrences and associations |
| Topic Tree | A topic display format, showing the hierarchy |
| Sitemap Index | Sitemap Index, including Taxonomies |
| https://legaldictionary.lawin.org/liquidated-damages/ | The URI of Liquidated Damages (more about URIs) |
Concept of Liquidated Damages in the context of Real Property
A short definition of Liquidated Damages: A definite amount set forth in a contract to be paid by the party breaching the contract. It must be a reasonable estimate of damages or else it is considered a penalty and unenforceable. If the parties intend this to be the only remedy, it should be so stated.
Concept of Liquidated Damages in the context of Real Property
A short definition of Liquidated Damages: A definite amount set forth in a contract to be paid by the party breaching the contract. It must be a reasonable estimate of damages or else it is considered a penalty and unenforceable. If the parties intend this to be the only remedy, it should be so stated.
Liquidated Damages
Leave a Reply