Vocabulary Flashcards
Breach of contract
Failure, without legal excuse, to preform any promise that forms all or part of a contract.
Civil law
The body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society.
Compensatory damages
Intended to compensate the injured party for the bodily injury or property damage sustained, and nothing more.
Damages
An amount of money awarded to the person injured by another’s tort.
Exemplary or punitive damages
Meant to punish the party that has caused an infringement of the other party’s legal rights. Awarded over and above compensation for monetary loss. Awarded when the wrong done to plaintiff is aggravated by violence, oppression, malice, fraud, or wanton and wicked conduct on the part of the defendant.
General damages
Damages that cannot be quantified with precision in monetary terms, but reflect an amount that the court believes necessary to compensate the aggrieved party fairly.
Nominal damages
A minimal amount awarded where there is no substantial loss or injury to be compensated, but where it is recognized that a plaintiff had a technical invasion of his rights.
Rule of precedent
In common law, the basic concept that current court decisions must follow those made in cases with similar circumstances.
Special damages
Damages that can be measured as to amount and are often referred to as out of pocket expenses.
Statute law
The written law, created by federal and provincial legislation, which supersedes or amends the common law.
Tort
A legal wrong, other than breach of contract, for which the court will provide a remedy in the form of a suit for damages. Three elements: existence of legal duty, breach of duty and causal relationship between the damages and the breach of duty.
Doctrine of negligence
Based on the duty of all persons to exercise due care in their conduct towards others from which injury may result.
Negligence
Failure to use that degree of care that an ordinary person of reasonable prudence would use under the given circumstance.
Occupier
An occupant - a person who has use, possession or control of a thing.
Strict liability
A person is presumed to be guilty of an offense without the requirement on the plaintiff to prove negligence. Generally applicable when injury or damage caused by dangerous activities, hazardous products.
Loss exposure
As relates to risk management, the chance of financial loss to the organization as the result of a particular peril striking a thing of value.
Retention
In risk management, includes all means of generating funds from within the business to pay for losses.
Risk control
In risk management, the objective of risk control is to reduce the frequency and severity of losses as much as possible with the resources available.
Risk management
The process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon an organization.
Segregation
In risk management, the arranging of an organization’s activities and resources so that no single event can cause simultaneous losses to all of them.
Separation
In risk management, the dividing of an organization’s single assets or operation into two or more separate units.
Nuisance
Everything that endangers life or health, gives offense to senses, violates the laws of decency, or obstructs reasonable and comfortable use of the property.
Nuisance
Everything that endangers life or health, gives offense to senses, violates the laws of decency, or obstructs
Defamation
Consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect and goodwill of a considerable part of the c
