Part 6 Flashcards
What are the 4 things the jury must consider in Damages Awards for Future Losses?
- Longevity
- Future Earnings
- Discounting
- Inflation
What is Longevity?
How long a person will live. Can be predicted using mortality tables
What is Future Earnings?
ability to earn money in the future as well as the period during which the plaintiff would likely work (through retirement age)
What is Discounting?
reflects the basic premise that a dollar tomorrow is worth less than a dollar today. So you give the plaintiff a lump sum and they invest it safely to live off of.
What is Inflation?
the loss of purchasing power in the future.
What are the things you must look at when calculating Lost Earnings?
Both inflation and discounting have to be considered at the same time, or both not at all.
What is Prejudgment Interest?
an award of lost past earnings may be awarded at the end of the trial to make up for losses during the trial
Can Damages be taxed?
Compensatory damages are not subject to federal income tax.
Punitive Damages and Constitutional Due Process may be grossly excessive depending on… (3 Gore Guideposts)
- The Reprehensibility of the Conduct
- The ratio between compensatory and punitive damages
- The difference between the award and civil or criminal penalties for similar conduct
What are Punitive Damages?
Intended to punish or to make an example of
What is Burden of Proof?
preponderance of the evidence
clear and convincing evidence
beyond a reasonable doubt
Will Negligence support an award of punitive damages?
NO!!!! Negligence won’t support an award of punitive damages
