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Simple English definitions for legal terms

economic-loss rule

Read a random definition: bilateral investment treaty

A quick definition of economic-loss rule:

The economic-loss rule is a legal principle that says a person cannot sue someone else for money they lost, unless they were physically hurt or their property was damaged. However, there are some exceptions to this rule, such as if the other person lied or if they had a special relationship with the person who lost money. This rule is sometimes called the economic-harm rule or the economic-loss doctrine.

A more thorough explanation:

The economic-loss rule is a principle in tort law that states a plaintiff cannot sue for purely monetary loss caused by the defendant, without physical injury or property damage. This rule is also known as the economic-harm rule or economic-loss doctrine.

For example, if a company purchases a defective product that causes financial loss, they cannot sue the manufacturer for tort damages. However, if the manufacturer made fraudulent claims about the product, the economic-loss rule may not apply, and the company could sue for damages.

Another exception to the economic-loss rule is when a special relationship exists between the parties, such as an attorney-client relationship. In such cases, the plaintiff may be able to sue for economic loss caused by the defendant.

The economic-loss rule is intended to distinguish between tort and warranty claims and prevent plaintiffs from seeking damages for purely financial losses.

economic loss | economic obsolescence

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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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