Example
An example of a situation where consequential damages is rewarded:
Two parties (Neal Townsend and Matt Wisda) enter into a contract for the sale of an antique doll for $5,000. Neal Townsend (the seller) finds out that Matt Wisda (the Buyer) intends to re-sell doll to a collector for a 10% profit. Neal Townsend breaches the contract and sells the doll to the collector; doll’s value at time of breach is $6,000. The Compensatory Damages equals $1000 ($6000-$5000). The Consequential damages equals $500 ($5000x.10).
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Famous quotes containing the word example:
“Our intellect is not the most subtle, the most powerful, the most appropriate, instrument for revealing the truth. It is life that, little by little, example by example, permits us to see that what is most important to our heart, or to our mind, is learned not by reasoning but through other agencies. Then it is that the intellect, observing their superiority, abdicates its control to them upon reasoned grounds and agrees to become their collaborator and lackey.”
—Marcel Proust (1871–1922)