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Statute of limitations. A statute of limitations, known in civil law systems as a prescriptive period, is a law passed by a legislative body to set the maximum time after an event within which legal proceedings may be initiated. [1][2] In most jurisdictions, such periods exist for both criminal law and civil law such as contract law and ...
Personal injury is a legal term for an injury to the body, mind, or emotions, as opposed to an injury to property. [1] In common law jurisdictions the term is most commonly used to refer to a type of tort lawsuit in which the person bringing the suit (the plaintiff in American jurisdictions or claimant in English law) has suffered harm to their ...
t. e. Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation (s ...
At common law, damages are a remedy in the form of a monetary award to be paid to a claimant as compensation for loss or injury. [ 1 ] To warrant the award, the claimant must show that a breach of duty has caused foreseeable loss. To be recognized at law, the loss must involve damage to property, or mental or physical injury; pure economic loss ...
v. t. e. A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. [1] Tort law can be contrasted with criminal law, which deals with criminal wrongs that are punishable by the state.
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3] This is most applicable where the damages are intangible.
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