21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
loss
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A quick definition of loss:
Loss is when something bad happens that makes a person feel worse or causes them to lose something valuable. This can include physical harm, emotional pain, legal trouble, or losing money. Sometimes loss is divided into two types: economic loss (losing money) and noneconomic loss (losing things like happiness or companionship). Loss can happen in many ways, like getting hurt in a car accident, paying too much for something, or receiving something of lower quality than expected. In some situations, loss can be measured in specific ways, like the difference between the value of something promised in a contract and what was actually delivered.A more thorough explanation:
In law, loss refers to a decrease in a person's physical, emotional, legal, or financial situation. It can be divided into economic loss, which is any financial loss resulting from harm, and noneconomic loss, which includes pain, suffering, mental anguish, and other non-financial losses.
Examples of loss include:
- Serious bodily injury from a car accident
- Paying more than the actual value of property
- An invasion of the exclusive use of tangible property
- Receiving goods of a lesser quality than represented
For example, if someone is injured in a car accident, they may experience physical pain and emotional suffering, which are considered noneconomic losses. They may also incur medical bills and lost wages, which are considered economic losses.
Loss can also refer to specific types of loss, such as actual loss, actual total loss, constructive loss, direct loss, economic loss doctrine, proof of loss, and total loss. These terms are used in different legal contexts, such as insurance and contract law.