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LSDefine

Simple English definitions for legal terms

out-of-pocket rule

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A quick definition of out-of-pocket rule:

The out-of-pocket rule is a principle that says if someone buys something and later finds out they were cheated, they can sue the seller for the difference between what they paid and what the item was actually worth. This is different from the benefit-of-the-bargain rule, which allows the buyer to recover the full amount they paid.

A more thorough explanation:

The out-of-pocket rule is a principle that allows a buyer who has been defrauded to recover damages from the seller. This is done by calculating the difference between the amount paid for the property and the actual value received.

For example, if a buyer purchases a car for $10,000 but later discovers that it is worth only $8,000, the buyer can recover $2,000 in damages from the seller.

This rule is used to ensure that buyers are not left with a financial loss due to fraudulent actions by the seller. It is important to note that this rule only applies to cases where the buyer has suffered a financial loss, and not cases where the buyer has simply been deceived or misled.

out-of-pocket loss | out of the money

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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