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CAIB 3 Definitions

All CAIB 3 Definitions

Civil Law The body of law that deals with civil or private rights and remidies
Tort The private or Civil wrong or injury other than breach of contract which the courts provide a remedy in the form of award for damages
Breach of Contract The failure without legal excuse to perform any promise which forms the whole or part of the contract
Rule of Precedent Current court decisions must follow those made in cases of similar circumstances
Statute Law Written law enacted by Provincial or Federal Legislation which amends or supersedes the common law
Damages Compensation in money for losses or damages suffered
Compensatory Damages Damages intended to compensate the injured party for the bodily injury or property damages they sustained
General Damages Damages which cannot be exactly determined in monetary value, but reflected by the courts that believes is necessary to compensate the aggrieved party fairly
Special Damages Damages which can be measured as to an amount and are often referred to as out of pocket expenses
Exemplary or Punitive Damages Damages which are intended to punish the defendants for their behavior or to make an example out of them
Nominal Damages Damages awarded when there is no substantial loss or injury to be compensated. The courts award this for no other reasons than to be established the validity of the plaintiff;s claim when the question of principle is at stake
Created by: CAIB3
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