LIQUIDATED DAMAGES
\lˈɪkwɪdˌe͡ɪtɪd dˈamɪd͡ʒɪz], \lˈɪkwɪdˌeɪtɪd dˈamɪdʒɪz], \l_ˈɪ_k_w_ɪ_d_ˌeɪ_t_ɪ_d d_ˈa_m_ɪ_dʒ_ɪ_z]\
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Cash compensation, agreed to by signed, written contract for breach of contract, payable to the aggrieved party. The contract succinctly specifies what actions, or omissions, constitute a breach. To be legally enforceable, the contract’s nature makes damages circumstantially reasonable and difficult to determine. Otherwise, a court could interpret the specified amount as a fine, being in the contract primarily to force proper performance, and not to compensate injury. Under these conditions, the court views damages as ‘unliquidated’ to be assigned by the court based on the case’s merits alone.
By Henry Campbell Black
Word of the day
Dopamine Acetyltransferase
- An enzyme that catalyzes the of groups from acetyl-CoA to arylamines. They have wide specificity for aromatic amines, particularly serotonin, and can also catalyze acetyl transfer between arylamines without CoA. EC 2.3.1.5.