Economic loss in the law of tort or delict certain claims for non physical or non proprietary damage caused negligently certain claims although financial are usually discounted from such discussion viz loss of wages consequent upon physical injury and loss of use following damage to property the phrase then encompasses other cases . Economic loss is a term of tort which refers to financial loss and damage suffered by a person such as can be seen only on a balance sheet rather than as physical injury to the person or destruction of property. Economic loss arising directly out of physical damage is recoverable however economic loss unrelated to where the actual or apprehended physical injury is irrecoverable unless the economic loss flows from injury to a person or to damage to property other than the defective property itself development of the law the hedley byrne case which allowed for liability for negligent misstatement
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