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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 between the […]

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hearth money

hearth money. Hist. 1. A tax of two shillings levied on every fireplace in England (14 Car. 2, ch. 10). • This extremely unpopular tax was enacted in 1662 during the reign of Charles II and abolished in 1688. — Also termed chimney money. 2. PETER-PENCE.

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reverse consensus

reverse consensus. Intellectual property. In a dispute-settlement procedure under TRIPs, an agreement between the parties that a dispute should not be submitted to a World Trade Organization panel for adjudication. • Before TRIPs, any party could delay formation of a WTO panel or adoption of its report by withholding consensus. Under TRIPs, each process is

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