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LSDefine

Simple English definitions for legal terms

diminution in value

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A quick definition of diminution in value:

Diminution in value is a way to figure out how much money someone should get if another person breaks a contract. It works by taking the value of what was promised in the contract and subtracting the value of what was actually delivered. For example, if someone promised to build a house worth $1,000,000 but only built one worth $700,000, the person who was supposed to get the house could get $300,000 in damages using diminution in value. This is different from other ways of figuring out damages, like getting money for things that went wrong because of the broken contract or making the person who broke the contract do what they promised.

A more thorough explanation:

Diminution in value is a way to calculate damages owed to a person who has been harmed by another party's breach of contract. This method calculates damages by subtracting the market value of the object of the contract as performed from the value of the contract as promised.

For example, if you hire a contractor to build a house for $500,000 and the contractor builds a house worth only $300,000, the damages calculated using diminution in value would be $200,000.

Diminution in value is different from other methods of calculating damages, such as reliance damages, consequential damages, and specific performance.

Overall, diminution in value is a way to ensure that the harmed party is compensated for the difference between what they were promised in the contract and what they actually received.

diminished capacity | diplomat

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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