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TeachMeFinance.com - explain Damages Damages -- 1. A loss or harm to a person or their property. 2. The pecuniary compensation or indemnity which may be recovered by any person who has suffered loss, detriment or injury to his person, property or rights through the unlawful act, omission, or negligence of another. historic definition... Damages -- In law money recoverable as amends for a wrong or harm inflicted ; injury such as can be estimated in money. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.