MONEY DAMAGE Meaning and
Definition
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Money damage, also commonly known as compensatory damages or pecuniary damages, refers to a monetary sum awarded to a claimant in a civil lawsuit as compensation for the harm or loss sustained due to the actions or omissions of another party. It is a legal remedy sought to restore the claimant to the financial position they were in before the occurrence of the wrongdoing.
The purpose of money damages is to provide full and fair compensation for the actual loss suffered rather than to punish the defendant. These damages can arise from a variety of causes, including personal injury cases, breach of contract, property damage, or infringement of intellectual property rights.
Calculating money damages involves considering various factors such as medical and rehabilitation costs, property repairs or replacements, lost wages, loss of earning capacity, emotional distress, and pain and suffering endured by the claimant. The amount awarded ideally seeks to put the claimant in the same position financially as they would have been had the wrongdoing not occurred.
In court cases, money damages can be awarded through a jury verdict or a judge's decision. They can be either specific (e.g., a precise amount for medical expenses) or general (e.g., compensation for pain and suffering) depending on the nature of the harm suffered. Money damages are typically paid by the defendant to the successful claimant as a legal obligation, often with the aim of restoring fairness and justice.
Common Misspellings for MONEY DAMAGE
- noney damage
- koney damage
- joney damage
- miney damage
- mkney damage
- mlney damage
- mpney damage
- m0ney damage
- m9ney damage
- mobey damage
- momey damage
- mojey damage
- mohey damage
- monwy damage
- monsy damage
- mondy damage
- monry damage
- mon4y damage
- mon3y damage
- monet damage
Etymology of MONEY DAMAGE
The term "money damages" is derived from two different sources.
The word "money" derives from the Latin word "moneta", which originally referred to the temple of Juno Moneta in ancient Rome where the coins were minted. Over time, it came to refer to coins and ultimately, to the currency as a medium of exchange.
The term "damages" comes from the Old French word "damages" (dam-age), which means "injury" or "harm". It is derived from the Latin word "damnum", which refers to the concept of harm or loss resulting from injury or wrongdoing.
When combined, "money damages" refers to the compensation or monetary award granted to an individual as a remedy for harm, loss, or injury suffered due to the actions of another party.
