Legal Definitions - nummata

Nummata refers to the specific monetary value or price assigned to something.

It is often used in legal contexts to describe the financial compensation or worth of an item, service, or loss, particularly when determining damages or the economic impact of an action.

• Example 1: Contract Dispute

  A software development company failed to deliver a custom application by the agreed-upon deadline, causing significant financial losses for the client. In the subsequent lawsuit, the court determined the nummata of the damages, which included the lost revenue and additional costs incurred by the client due to the delay.

  This example illustrates nummata by showing how a specific monetary value (the lost revenue and additional costs) is calculated and assigned as compensation for a breach of contract.

• Example 2: Estate Valuation

  When settling an estate after someone's passing, an executor must determine the nummata of all assets, such as real estate, investments, and valuable personal property. This valuation is crucial for distributing assets among heirs and calculating any applicable estate taxes.

  Here, nummata refers to the precise financial worth assigned to each item within the estate to ensure fair distribution and compliance with tax laws.

• Example 3: Property Damage Claim

  After a car accident, the owner's vehicle was declared a total loss. The insurance company assessed the pre-accident market value of the car, along with any associated costs like towing and rental car fees, to determine the total nummata of the claim payout.

  This demonstrates nummata as the total monetary sum calculated to compensate the car owner for the financial loss of their vehicle and related expenses.