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CAIB 3 Definitions
All CAIB 3 Definitions
| Term | Definition |
|---|---|
| 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 |