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Simple English definitions for legal terms
loss of bargain
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A quick definition of loss of bargain:
Loss of bargain: When someone breaks a promise or does something wrong that stops a business deal from happening, it's called a loss of bargain. This means that the person who was supposed to buy or sell something can't do it anymore, and they might lose money because of it. They can sue the person who caused the loss of bargain to get back the money they lost.
A more thorough explanation:
Definition: The loss of bargain is when a sale or business deal cannot be completed due to someone else's wrongdoing, such as a breach of contract, intentional interference with one's business, or negligence. This results in monetary damages that can be determined in a lawsuit.
Example 1: John agrees to sell his car to Jane for $10,000. However, on the day of the sale, John decides not to sell the car to Jane. This is a breach of contract, and Jane can sue John for the loss of bargain.
Example 2: Sarah owns a bakery and has a contract with a supplier to provide her with flour every week. However, the supplier fails to deliver the flour on time, causing Sarah to lose business and money. Sarah can sue the supplier for the loss of bargain.
These examples illustrate how the loss of bargain can occur when one party fails to fulfill their obligations in a business deal, causing the other party to suffer financial losses. In both cases, the injured party can seek compensation through a lawsuit.