Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
consequential economic loss
Economic loss that proximately results from a defective product and that is beyond direct economic loss. 0 Examples include lost profits and loss of goodwill or business reputation.
direct economic loss
Economic loss flowing directly from insufficient product quality. The most common type is loss-of-bargain damages - the difference between the actual value of goods accepted and the value they would have had if they had been delivered as promised or warranted.
economic loss
A monetary loss such as lost wages or lost profits. ( The term is usu. used to refer to the damages recoverable in a lawsuit. For example, in a products-liability suit, economic loss includes the cost of repair or re-placement of defective property, as well as commercial loss for the property's inadequate value and consequent loss of profits or use.