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LSDefine

Simple English definitions for legal terms

loss of bargain rule

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A quick definition of loss of bargain rule:

The loss of bargain rule is a legal principle that says if someone breaks a contract or lies about something in a contract, the person who was hurt should get enough money to make up for what they lost. This means they should be in the same position they would have been in if the contract had been followed or if the lie had been true. For example, if someone sold a house and lied about its condition, the person who bought the house could get money to make up for the difference between what the house is worth now and what it would have been worth if it had been in the condition the seller said it was in. This is called the loss of bargain rule.

A more thorough explanation:

The loss of bargain rule is a legal principle that applies in cases of breach of contract or contract fraud. It states that the damages awarded to the injured party should be enough to put them in the same position they would have been in if the contract had been fulfilled as promised or if the fraudulent representation had been true.

For example, if a person buys a house based on the fraudulent representation that it has a new roof, but later discovers that the roof is old and needs to be replaced, the loss of bargain rule would require the seller to compensate the buyer for the difference in value between the house with a new roof and the house with an old roof.

The loss of bargain rule is designed to ensure that parties to a contract are held accountable for their promises and that the injured party is not left worse off as a result of the breach or fraud.

loss damage waiver (LDW) | loss of consortium

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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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