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Simple English definitions for legal terms
liquidated claim
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A quick definition of liquidated claim:
A liquidated claim is a demand for money, property, or legal remedy that can be precisely determined by law or agreement between parties. It is a claim for an amount previously agreed upon or determined in a judicial proceeding. This is different from an unliquidated claim, where the amount owed has not been determined. A liquidated claim can be enforced by a court of law.
A more thorough explanation:
Definition: A liquidated claim is a demand for money, property, or legal remedy that can be precisely determined by operation of law or by the terms of the parties' agreement. It can also refer to a claim that was determined in a judicial proceeding.
Example: If two parties enter into a contract that specifies a certain amount of money to be paid in the event of a breach, and the breach occurs, the amount owed is a liquidated claim. Another example would be a court judgment that awards a specific amount of damages to a plaintiff.
These examples illustrate the definition of a liquidated claim because the amount owed is clearly defined and can be easily calculated. There is no need for further negotiation or legal proceedings to determine the amount owed.