|
Unliquidated Damages
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of ''English Hop Growers v Dering'', 2 KB 174, CA (1928). When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if the contract is breached. Thus, they are most appropriate when (a) the parties can agree in advance on rea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contracts
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine el ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of Fair Trading
The Office of Fair Trading (OFT) was a non-ministerial government department of the United Kingdom, established by the Fair Trading Act 1973, which enforced both consumer protection and competition law, acting as the United Kingdom's economic regulator. The intention was for the OFT to make markets work well for consumers, ensuring vigorous competition between fair-dealing businesses and prohibiting unfair practices such as rogue trading, scams, and cartels. Its role was modified and its powers changed by the Enterprise Act 2002. The Department for Business, Innovation and Skills (BIS) announced reforms to the consumer protection and competition regimes. Under the provisions of the Enterprise and Regulatory Reform Act 2013, the Competition and Markets Authority (CMA) was established on 1 April 2014, combining many of the functions of the OFT and the Competition Commission and superseding both. Regulation of the consumer credit sector passed from the OFT to the new Financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Penal Bond
A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the '' in terrorem'' effect of the threat of a penalty for nonperformance. Types of bonds At its simplest, a bond need only state who is to be paid, what sum, when, and where (for example: "'Know all men etc. that I, ''AB'', am firmly bound to ''CD'' in 'n'' to be paid at Michaelmas next following'"). At common law, these bonds were nearly impossible to contest from the perspective of the obligor (the debtor). A simple bond can properly be considered a penal bond if it calls for the payment of a sum that is punitive in relation to the damages that would be caused by nonperformance. Historically, the most significant type of penal bond was the penal bond with conditional defeasance. A penal bond with conditional defeasance combined in one document the bond (the promise to pay a specified amount of money) with the contractual obligatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unspecified Claim
An unspecified claim is a tort claim "where the amount to be awarded is left to the Court to determine." Examples of unspecified claims are unspecified damages for personal injuries, such as from a motor vehicle accident (MVA) or medical malpractice. Unspecified claim was previously known in the common law, especially in Britain and Pakistan, as an unliquidated claim. In British tax law, an unspecified claim is also any unspecified tax liability. Under New York civil practice, "stating a specific sum in (a) personal injury complaint" is normally barred. Technically, it is not strictly prohibited, but it prevents adding additional damages to jury instructions. However, under a recent New York Court of Appeals case, stating a specific sum is mandatory in Court of claims practice, so an ''unspecified claim'' "can lead to the loss of the claimant's whole case.D. Siegel, ed., ''New York State Law Digest'', No. 568, April 2007, at 1, citing ''Kolnacki v. State'', 8 N.Y.3d 277 (2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gharar
''Gharar'' () literally means uncertainty, hazard, chance or risk. It is a negative element in ''mu'amalat'' ''fiqh'' (transactional Islamic jurisprudence), like ''riba'' (usury) and '' maisir'' (gambling). One Islamic dictionary (''A Concise Dictionary of Islamic Terms'') describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", ''gharar'' is "the sale of a thing which is not present at hand, or the sale of a thing whose ''aqibah'' (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not". Definitions, fiqh According to Sami Al-Suwailem, "researchers in Islamic finance" do not agree on the "precise meaning" of gharar, although there is not necessarily great difference among the Islamic schools of jurisprudence ( madhab) in the term's definition. The ''Hanafi'' legal school defines ''gharar'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Law
Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on scriptures of Islam, particularly the Qur'an and hadith. In Islamic terminology ''sharīʿah'' refers to immutable, intangible divine law; contrary to ''fiqh'', which refers to its interpretations by Islamic scholars. Sharia, or fiqh as traditionally known, has always been used alongside customary law from the very beginning in Islamic history; has been elaborated and developed over the centuries by legal opinions issued by qualified jurists – reflecting the tendencies of different schools – and integrated and with various economic, penal and administrative laws issued by Muslim rulers; and implemented for centuries by judges in the courts until recent times, when secularism was widely adopted in Islamic societies. Traditional theory of Islamic jurisprudence recognizes four sources for Ahkam al-sharia: the Qur'an, ''sunnah'' (or authentic ahadi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louisiana Civil Code
The ''Louisiana Civil Code'' (LCC) constitutes the core of private law in the State of Louisiana. The Louisiana Civil Code is based on a more diverse set of sources than the laws of the other 49 states of the United States: substantive law between private sector parties has a civil law character, based on the French civil code and Spanish codes and ultimately Roman law, with some common law influences. First enacted on March 31, 1808, in bilingual version as ''Louisiana Civil Code Digest'' ().,Official English title:: ''Digest of the Civil Laws now in Force in the Territory of Orleans, with Alterations and Amendments Adapted to its Present System of Government''. it was drafted by the lawyers James Brown, Louis Moreau-Lislet and Edward Livingston. Afterwards it underwent continuous revisions and updates. It is still considered the controlling authority in the state; despite the strong influence of common law tradition, the civil law tradition is still deeply rooted in most asp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louisiana
Louisiana ( ; ; ) is a state in the Deep South and South Central regions of the United States. It borders Texas to the west, Arkansas to the north, and Mississippi to the east. Of the 50 U.S. states, it ranks 31st in area and 25th in population, with roughly 4.6 million residents. Reflecting its French heritage, Louisiana is the only U.S. state with political subdivisions termed parishes, which are equivalent to counties, making it one of only two U.S. states not subdivided into counties (the other being Alaska and its boroughs). Baton Rouge is the state's capital, and New Orleans, a French Louisiana region, is its most populous city with a population of about 363,000 people. Louisiana has a coastline with the Gulf of Mexico to the south; a large part of its eastern boundary is demarcated by the Mississippi River. Much of Louisiana's lands were formed from sediment washed down the Mississippi River, leaving enormous deltas and vast areas of coastal marsh a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Code Of Japan
The law of Japan refers to the legal system in Japan, which is primarily based on legal codes and statutes, with precedents also playing an important role. Japan has a civil law legal system with six legal codes, which were greatly influenced by Germany, to a lesser extent by France, and also adapted to Japanese circumstances. The Japanese Constitution enacted after World War II is the supreme law in Japan. An independent judiciary has the power to review laws and government acts for constitutionality. Historical developments Early Japan The early laws of Japan are believed to have been heavily influenced by Chinese law. Little is known about Japanese law prior to the seventh century, when the Ritsuryō was developed and codified. Before Chinese characters were adopted and adapted by the Japanese, the Japanese had no known writing system with which to record their history. Chinese characters were known to the Japanese in earlie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Civil Code
The Napoleonic Code (), officially the Civil Code of the French (; simply referred to as ), is the French civil code established during the French Consulate in 1804 and still in force in France, although heavily and frequently amended since its inception. Although Napoleon himself was not directly involved in the drafting of the Code, as it was drafted by a commission of four eminent jurists,Robert B. Holtman, ''The Napoleonic Revolution'' (Baton Rouge: Louisiana State University Press, 1981) he chaired many of the commission's plenary sessions, and his support was crucial to its enactment. The code, with its stress on clearly written and accessible law, was a major milestone in the abolition of the previous patchwork of feudal laws. Historian Robert Holtman regards it as one of the few documents that have influenced the whole world. The Napoleonic Code was not the first legal code to be established in a European country with a civil-law legal system; it was preceded by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
