Simple English definitions for legal terms
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Economic torts, also called business torts, are a group of legal wrongs that can happen during business deals and can lead to financial losses. These torts include things like lying to someone to get them to buy something, breaking a contract, or spreading false information about a business. They can be caused by intentional actions or negligence, and can harm a person's ability to make money or do business.
Economic torts
Economic torts, also known as business torts, are a group of legal wrongs that arise from business transactions and can result in financial loss. These torts include:
One example of an economic tort is fraud. This occurs when someone intentionally deceives another person or business for financial gain. For instance, if a company sells a product that they know is defective and fails to disclose this information to the buyer, they could be sued for fraud.
Another example is injurious falsehood, which is also known as trade libel. This occurs when someone makes false statements about a business or product that causes financial harm. For example, if a competitor spreads false rumors about a company's product being unsafe, this could lead to a loss of sales and revenue for the targeted company.
These examples illustrate how economic torts can result in financial harm to individuals and businesses. They are often complex legal cases that require a thorough understanding of business law and the specific circumstances of the case.
Economic Stimulus Act of 2008 | Edmunds Anti-Polygamy Act of 1882