Breach of Agreement

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1 Types

August 25, 2024 3 min read Definitions

Mitigation of Damages: Legal Principles and Application

Law Legal Principles Damages Tort Breach of Agreement Defendant Plaintiff

Concept requiring one injured by another's breach of agreement or tort to employ reasonable diligence and care to avoid aggravating the injury or increasing the damages. It can also refer to a defendant's request to the court for a reduction in damages owed to the plaintiff.

August 25, 2024 4 min read Definitions

Notice of Default: Formal Notification of Breach in Agreement

Finance Law Contract Law Finance Penalties Breach of Agreement Grace Period

A Notice of Default is a formal letter issued to a party who has failed to meet obligations under a contract, typically providing a grace period for rectification and outlining the penalties for non-compliance.