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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.
Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident.
Return merchandise authorization. A return merchandise authorization (RMA), return authorization (RA) or return goods authorization (RGA) is a part of the process of returning a product to receive a refund, replacement, or repair to which buyer and seller agree during the product's warranty period. [1][2] The issuance of an RMA/RGA is a key ...
An "implied warranty" is defined in state law. The Magnuson–Moss Act simply provides limitations on disclaimers and provides a remedy for their violation. A "full warranty" is one that meets the federal minimum standards for a warranty. Such warranties must be " conspicuously designated" as full warranties.
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Plaintiff. A plaintiff (Π in legal shorthand) is the party who initiates a lawsuit (also known as an action) before a court. By doing so, the plaintiff seeks a legal remedy. If this search is successful, the court will issue judgment in favor of the plaintiff and make the appropriate court order (e.g., an order for damages).
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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), whether partially or wholly, as described in the contract ...