A monetary amount claimed and awarded to a person for loss or injury to the person or the person´s property. Various types of damages may sought depending on the circumstances of the injury or loss, including:
- Actual: compensation for amounts in fact incurred.
- Expectation: compensation for amounts that a person could have reasonably anticipated receiving from a transaction had it not failed.
- Incidental: expenses reasonably incurred by mitigating, or otherwise in association with losses.
- Liquidated: an amount fixed by contract as reasonable compensation in the event a party defaults.
See liquidated damages.