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LSDefine

Simple English definitions for legal terms

economic loss

Read a random definition: Quayle action

A quick definition of economic loss:

Economic loss refers to a type of money loss that can happen when something goes wrong. This can include things like losing wages or profits. When someone sues for economic loss, they are trying to get back the money they lost because of the problem. For example, if a product is defective and causes damage, economic loss would include the cost of fixing or replacing the damaged property, as well as any money lost because of the damage.

A more thorough explanation:

Definition: Economic loss refers to a monetary loss that can be measured in terms of lost wages or lost profits. This term is usually used in the context of a lawsuit where damages are sought. For example, in a products-liability suit, economic loss includes the cost of repair or replacement of defective property, as well as commercial loss for the property's inadequate value and consequent loss of profits or use.

Example: If a person is injured in a car accident and is unable to work for several months, they may experience economic loss due to lost wages. In a lawsuit, they may seek damages to compensate for this loss.

Example: In a products-liability suit, a company may be sued for economic loss if their product is defective and causes damage to property or results in lost profits for the user.

The examples illustrate how economic loss can be measured in terms of monetary value and how it can be used as a basis for seeking damages in a lawsuit.

economic life | economic-loss rule

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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