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LSDefine

Simple English definitions for legal terms

diminution in value

Read a random definition: acta publica

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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snow
10:02
dk i feel like you would do great in criminal defense
soap
10:02
you good Dk?
snow
10:03
i got my nose pierced last thanksgiving and it got infected @babycat
Dkk
10:03
Probably could just shock the jury into sideing with me lol
babycat
10:03
I mean bc you can’t go swimming with a piercing
Dkk
10:03
Ahh yeah, just hate that word. Trauma. Hate how people use it.
babycat
10:03
So you want to do it in winter when you won’t be missing it. Sorry abt ur nose though
BulbasaurNoLikeCardio
10:04
@snow: healing is super easy it takes like a week to get through the bad part but being in the sun or going in water is a no no so if you get it in the summer that is two weeks at least of no summer fun while winter it doesnt matter
snow
10:04
i think the piercer just did a bad job. my ex and i's piercings both got infected
babycat
10:04
maybe you’re spiritually aligned like that
Dkk
10:04
Gross, piercings.
snow
10:04
@babycat: i was living the bob dylan life man. smoking cigs with a nose piercing while drinkin coffee. have been chasing that high since
BulbasaurNoLikeCardio
10:04
I have been wanting a piercing just to feel what it is like
snow
10:05
@BulbasaurNoLikeCardio: that makes sense. idk im just nervous of infections
snow
10:05
i have my ears pierced but thats it
babycat
10:05
I have a couple types of ear piercings and navel
BulbasaurNoLikeCardio
10:05
Only dirty people get infections from tattoos, higher chance of an allergy to the ink. Just go to a legit shop
Dkk
10:06
I just don't like the idea of the ink in my lymphnodes. That scares me.
good morning everyone
BulbasaurNoLikeCardio
10:06
I wanna try a nose peircing to see how it feels. Need a piercer friend who wants to practice on me cause I want to experience it but not keep it
babycat
10:06
You just want to know how it feels to be pierced?
snow
10:07
nose hurt like a bitch, but my tolerance is low
BulbasaurNoLikeCardio
10:07
Yes, I don't think having metal on my face or nips would be fun long term
Dkk
10:07
@BulbasaurNoLikeCardio: I would like that too. I would like to feel that.
honestly any face piercing hurts a lot less than any ear one for me
Dkk
10:07
Man, maybe I will eat another ghost pepper today.
BulbasaurNoLikeCardio
10:07
Like I have my whole body tattooed and dry lined litterally everywhere on my body to just see how it feels
i was so terrified to get my lip done and it was completely fine lmao
but i my industrial was not fun lol
Dkk
10:07
@jackfrost11770: yo you excited for arcane tonight! I haven't slept more than 4 hours in like 3 days.
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