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monetary damages

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bjobjs

Junior Member
What is the name of your state? California

What is Monetary Damages ? What does it consist of? How is a monetary amount established?
 


racer72

Senior Member
Someone runs over your fence. It costs you $200 to fix your fence. The person that ran over your fence owes you $200 in monetary damages.
 

bjobjs

Junior Member
What if there is no materialistic item to put a monetary value on?
How do you ascertain a value?
 

I AM ALWAYS LIABLE

Senior Member
bjobjs said:
What if there is no materialistic item to put a monetary value on?
How do you ascertain a value?
My response:

There are, basically, two types of damages:

-- "Economic damages" means tangible, objectively verifiable monetary losses; e.g., medical expenses, loss of earnings, loss of business or employment opportunities, burial costs, loss of use of money, costs of repair or replacement, etc. [Ca Civil § 1431.2(b)(1)]

-- "Noneconomic damages" means intangible, subjective nonmonetary losses; e.g., pain and suffering, emotional distress and mental suffering, loss of consortium, loss of society and comfort, injury to reputation and humiliation. [Ca Civil § 1431.2(b)(2)]

In regards to "Noneconomic damages" there are no formulae to come up with a figure. For example, years ago, we used to use "3 times medicals" as a rule of thumb. However, that "formula" has given way to using "factors". Illustrative of the use of "factors" is that a case has far more value if there are broken bones, than mere soft tissue injuries involved. There are many, many other "factors" involved in coming up with an estimate of the value of a claim.

IAAL
 

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