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LSDefine

Simple English definitions for legal terms

economic loss

Read a random definition: in diem addictio

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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JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
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