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LSDefine

Simple English definitions for legal terms

economic obsolescence

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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 This is different from physical deterioration or functional obsolescence, which happen because of wear and tear or outdated design.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 It is also different from functional obsolescence, which is when something becomes less valuable because it is outdated or has design flaws.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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JumpySubsequentDolphin
11:09
does WUSTL send emails or call?
JumpySubsequentDolphin
11:09
or both?
11:10
I got a call first
JumpySubsequentDolphin
11:10
I interviewed like two weeks ago, not sure how quick they get back to peeps post interview
JumpySubsequentDolphin
11:10
but my interview was a disaster so not holding onto hope
Late to the party but my name is Paul Leachman in Delray Beach, FL (WashU pls respond)
11:11
Why is it taking so long for WashU to get back to me. Ppl are getting acceptances in a month or less
letsseehowitgoesnow
11:11
...
triplethread
11:11
@BookLover125: RETWEET
triplethread
11:12
is it bad i lied about getting into case western bc my parents are bugging me about my first a
@BookLover125: they are so impressed with your application they are renaming the library after you before admitting you
Do you know not everyone says they were ED?
11:12
No they shouldn’t be bugging you this is stressful enough without them adding More. Do what u gotta do
11:13
Got jokes I see
triplethread
11:13
its sooo stressful and im not even done applying
Just apply and get the A lol
triplethread
11:13
got like 3 more apps
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
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