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TYPES OF MONETARY DAMAGES

TYPES OF MONETARY DAMAGES 2025

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The document outlines the types of monetary damages available in breach of contract actions, including compensatory, consequential, punitive, and nominal damages. It explains how compensatory damages are calculated and discusses concepts such as mitigation of damages, liquidated damages, penalties, and equitable remedies like rescission and specific performance. Additionally, it covers quasi-contractual recovery to prevent unjust enrichment and highlights contract doctrines related to remedies.

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Click ‘Get Form’ to open it in the editor.
Begin with the 'Compensatory Damages' section. Enter the value of the performance as promised, then subtract the value of the performance actually rendered and any loss avoided. Finally, add any incidental damages incurred due to the breach.
Next, move to 'Consequential Damages'. Here, describe any indirect damages that were foreseeable at the time of breach. Be specific about how these damages relate to your situation.
In the 'Punitive Damages' section, if applicable, provide details on actions that warrant punishment beyond compensatory damages. Remember, this is typically rare in contract breaches.
Lastly, complete the 'Nominal Damages' field if only a technical injury occurred. Input a nominal amount like one dollar to signify this.

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What are monetary damages?

Money damages, or monetary damages, are a type of relief that awards money as compensation for some injury. Unlike the amount asked for in a money demand, the amount of money damages is not immediately obvious from the facts of the case, and must be assessed by the trier of fact.

What are the three main types of damages?

There are three types of damage that form the foundation of most civil lawsuits: compensatory, nominal, and punitive. An attorney can estimate how much your claim may be worth based on your damages. Your lawyer will ask for you to bring any documentation related to your case to your first meeting.

What are the three types of damage?

Personal injury cases can involve three types of damages: economic, non-economic, and punitive damages. Economic and non-economic damages are the most common awards. Together, they are called compensatory damages. Courts award punitive damages (also called exemplary damages) more rarely.

What are the two main categories of money damages?

Theyre divided into two main types: economic damages and non-economic damages. Economic damages cover measurable financial costs, like medical bills, lost wages, and property repairsanything with a clear dollar amount. Non-economic damages, however, are more personal.

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