Liquidated Damages
Legal Definition and Related Resources of Liquidated Damages
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Meanings, Synonyms, Etymology, Translations and More
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.
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This definition of Liquidated Damages is based on the The Cyclopedic Law Dictionary. This entry needs to be proofread.
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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