Dictionary Search: "Reliance" - Pakistan Law Portal

Reliance

n. Dependence or trust by a person, esp. when combined with action based on that dependence or trust. - rely, ub.

detrimental reliance

See RELIANCE.

detrimental reliance.

Reliance by one party on the acts or representations of another, causing a worsening of the first party's position. ( Detrimental reliance may serve as a substitute for consideration and thus make a promise enforceable as a contract. See promissory estoppel under ESTOPPEL.

reliance damages

Damages awarded for losses incurred by the plaintiff in reliance on the contract. "Reliance damages are .. . 'real' losses in a much more tangible way than losses of expectations. The distinction is nicely illustrated by McRae u. Commonwealth Disposals Commission . . . . In this case, . . . the defendants sold a shipwrecked tanker which they advertised as lying on a certain reef in the Pacific, and the plaintiffs spent n substantial sum of money equipping a salvage expedition to go in search of the ship. The ship was wholly nonexistent, and the plaintiffs were held entitled to damages. Here it was clear that the plaintiffs had incurred substantial expenses - real losses - in reliance on the contract, and the Australian High Court awarded these reliance damages to the plaintiffs." P.S. Atiyah, An Introduction to the Law of Contract 311 (3d ed. 1981

reliance damages.

See DAMAGES.

reliance interest.

The interest a nonbreaching party has in recovering costs stemming from that party's reliance on the performance of the contract.

reliance-loss damages