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LSDefine

Simple English definitions for legal terms

economic obsolescence

Read a random definition: mutual insurance company

A quick definition of economic obsolescence:

Economic obsolescence is when something becomes less valuable or useful because of external economic factors, like changes in demand or new regulations. This is different from physical deterioration or functional obsolescence, which happen because of wear and tear or outdated design. For example, a car may become economically obsolete if new laws require more fuel-efficient vehicles, even if it still runs well.

A more thorough explanation:

Definition: Economic obsolescence is when something becomes less valuable or useful because of external economic factors, like changes in demand or regulations.

For example, let's say a company produces a type of phone that is very popular. However, a new law is passed that makes it illegal to use that type of phone. Suddenly, the demand for that phone drops and it becomes less valuable. This is an example of economic obsolescence.

Another example could be a building that is located in an area that used to be very popular, but now people are moving away. The building may become less valuable because there are fewer people who want to use it. This is also economic obsolescence.

Economic obsolescence is different from physical deterioration, which is when something becomes less valuable because it is damaged or worn out. It is also different from functional obsolescence, which is when something becomes less valuable because it is outdated or has design flaws.

economic-loss rule | economic-out clause

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snow
10:07
nose hurt like a bitch, but my tolerance is low
BulbasaurNoLikeCardio
10:07
Yes, I don't think having metal on my face or nips would be fun long term
Dkk
10:07
@BulbasaurNoLikeCardio: I would like that too. I would like to feel that.
honestly any face piercing hurts a lot less than any ear one for me
Dkk
10:07
Man, maybe I will eat another ghost pepper today.
BulbasaurNoLikeCardio
10:07
Like I have my whole body tattooed and dry lined litterally everywhere on my body to just see how it feels
i was so terrified to get my lip done and it was completely fine lmao
but i my industrial was not fun lol
Dkk
10:07
@jackfrost11770: yo you excited for arcane tonight! I haven't slept more than 4 hours in like 3 days.
triplethread
10:08
im back guys my break lasted 24 hours
Dkk
10:08
I feel my strength returning after being sick.
i'm gonna watch it tmrw!! and yes not ready lol omg i can't imagine it'll be a happy ending
triplethread
10:08
my nips are pierced
snow
10:08
thread we hoping kent today lmaooo
triplethread
10:08
YESSS
babycat
10:08
I have a conch that took forever to heal until i switched it to a hoop
snow
10:08
like a sea shell?
triplethread
10:08
Lips scare me more than nips
babycat
10:08
There’s a part of your ear called the conch, bc it’s shaped like that
triple yeah same but it fr didn't hurt at at all it was kinda underwhelming lol
Dkk
10:09
@jackfrost11770: I am gunna make a wild prediction that ekko shows up and uses his chrono shift power to reverse time. Btw, you probably don't know this but Vi - 6, Vander - 5, Jinx - 10, Ekko - 12. Silco -2.
but it's def the visual of having a needle go through your lip that is the scariest part but it was completely fine
BulbasaurNoLikeCardio
10:09
I had a friend who had like 6 piercings in each ear, I was like that has to be loud
no dkk i think the same!!!!
BulbasaurNoLikeCardio
10:09
They would click clack
babycat
10:09
I almost did nipple piercing on a dare once but I would be sad if my nipples looked different
triplethread
10:09
I didnt bleed when i got mine done and they never hurt. I think my body is just really built for piercings because i've never had any rejections its that african tribal blood
Dkk
10:09
@triplethread: did you soak em in like salt water for a year.
triplethread
10:10
nope
BulbasaurNoLikeCardio
10:10
@babycat: they are too cute for piercings? My wife plans to get them done after breast feeding and Id do it to see how it feels and laugh
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