Business, Legal & Accounting Glossary
n. the requirement that someone injured by another’s negligence or breach of contract must take reasonable steps to reduce the damages, injury or cost, and to prevent them from getting worse. Thus, a person claiming to have been injured by another motorist should seek medical help and not let the problem worsen. If a tenant moves out before a lease has expired, a landlord must make reasonable attempts to re-let the property and take in some rents (which are credited against the amount remainder of the lease) to mitigate his/her loss.
After a tort, the theory of mitigation of damages requires the victim to take reasonable steps to minimize their loss. For example, the victim should get proper medical care for their injuries. If a plaintiff fails to get proper medical care or remedy the injury the court could decide they will not be fully compensated for their loss.
Mitigating of damages can also occur in other types of cases such as breach of contract. For instance, if a renter breaches a contract and leaves their rental home prior to the expiration of the lease the landlord is required to attempt to mitigate their damages and seek another renter. If they fail to perform this duty the court may decide not to compensate them for the full extent of the lease.
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This glossary post was last updated: 28th April, 2020 | 0 Views.