Damages

Breach of Contract
A breach of contract occurs when a party fails to fulfill obligations under a legally binding agreement or indicates an intention not to do so. It can result in remedies like damages, injunctions, or specific performance.
Conversion (Tort)
Conversion is the tort equivalent to the crime of theft. It involves the unauthorized taking or use of someone else's property and can result in damages being awarded to the rightful owner.
Damages
Compensation, in monetary form, for a loss or injury, breach of contract, tort, or infringement of a right.
Insurance Claim
An insurance claim is a formal request made by the insured to an insurance company for payment of a benefit related to an incident covered by their insurance policy.
Mitigation of Damages
The principle that obligates an injured party to take reasonable actions to reduce the damages caused by another party's breach or tortious conduct.
Personal Injury
Personal injury encompasses various types of wrongful conduct causing harm to an individual, including false arrest, invasion of privacy, libel, slander, defamation of character, and bodily injury. Unlike property damage or destruction, personal injury pertains directly to harm inflicted upon a person.
Restitution
Restitution refers to the act of compensating for loss, damage, or injury by making the affected party whole, either through monetary compensation or other forms of reparation.

Accounting Terms Lexicon

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