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economic loss rule

economic-loss rule. Torts. The principle that a plaintiff cannot sue in tort to recover for purely monetary loss — as opposed to physical injury or property damage — caused by the defendant. • Many states recognize an exception to this rule when the defendant commits fraud or negligent misrepresentation, or when a special relationship exists

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net

net, n. 1. An amount of money remaining after a sale, minus any deductions for expenses, commissions, and taxes. [Cases: Sales 77. C.J.S. Sales §§ 26, 96–98.] 2. The gain or loss from a sale of stock. 3. See net weight under WEIGHT.

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economic loss

A monetary loss such as lost wages or lost profits. • The term usu. refers to a type of damages recoverable in a lawsuit. For example, in a products-liability suit, economic loss includes the cost of repair or replacement of defective property, as well as commercial loss for the property’s inadequate value and consequent loss

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