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- Pure_economic_loss abstract "Economic loss is a term of art 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. There is a fundamental distinction between pure economic loss and consequential economic loss, as pure economic loss occurs independent of any physical damage to the person or property of the victim. It has also been suggested for it to be called \"commercial loss\" as injuries to person or property could be regarded as \"economic\".Pure economic loss was not recoverable in negligence until 1963 and the decision of the House of Lords in Hedley Byrne & Co Ltd v Heller & Partners Ltd [1964] AC 465. Up until Hedley Byrne was decided, pure economic loss was thought to be entirely within the realm of contract law. From that point on, in jurisdictions following the English common law, it has been possible to recover for some pure economic loss in negligence; however, because purely economic loss can usually be anticipated and allocated differently by contract, the party seeking to be compensated for such loss must demonstrate a compelling reason to change the contractual allocation through tort liability.Recovery at law for pure economic loss is restricted under some circumstances in some jurisdictions, in particular in tort in common law jurisdictions, for fear that it is potentially unlimited and could represent a \"crushing liability\" against which parties would find it impossible to insure. In the United States, Chief Judge Benjamin N. Cardozo of the New York Court of Appeals famously described it as, \"liability in an indeterminate amount, for an indeterminate time, to an indeterminate class.\" The rule may also be traced back to Roger Traynor's decision in the California case Seely v. White Motor Co. (1965), and was later adopted by the Supreme Court of the United States in East River Steamship Corp V Transamerica Delaval Inc. (1986).Justice Cardozo's indeterminacy concerns were relied on by the Supreme Court of Canada to restrict imposing liability on a corporation's auditors for negligently auditing the corporation's financial statements. In Hercules Management v Ernst & Young, [1997] 2 SCR 165. The court determined that the auditors owed investors of the company a duty of care, and that the auditors had been negligent in conducting their audit. However, La Forest J, writing for a unanimous court, declined to impose liability on the auditors for policy reasons, citing Justice Cardozo's concerns over indeterminate liability.Examples of pure economic loss include the following:Loss of income suffered by a family whose principal earner dies in an accident. The physical injury is caused to the deceased, not the family.Loss of market value of a property owing to the inadequate specifications of foundations by an architect.Loss of production suffered by an enterprise whose electricity supply is interrupted by a contractor excavating a public utility.The latter case is exemplified by the English case of Spartan Steel and Alloys Ltd v. Martin & Co. Ltd Similar losses are also restricted in German law though not in French law beyond the normal requirements that a claimant's asserted loss must be certain and directly caused.In Australia it is very difficult to recover pure economic loss in negligence if it is not consequent to property damage. The test of duty of care has been established in Perre v Apand Pty Ltd.A few state supreme courts in the United States have departed from the majority rule and authorized recovery for pure economic loss through tort causes of action (usually negligence). The first was California in 1979, followed later by New Jersey and Alaska.".
- Pure_economic_loss wikiPageExternalLink Perry.pdf.
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- Pure_economic_loss wikiPageRevisionID "708340819".
- Pure_economic_loss wikiPageWikiLink Architect.
- Pure_economic_loss wikiPageWikiLink Balance_sheet.
- Pure_economic_loss wikiPageWikiLink Benjamin_N._Cardozo.
- Pure_economic_loss wikiPageWikiLink Category:Judicial_remedies.
- Pure_economic_loss wikiPageWikiLink Category:Law_and_economics.
- Pure_economic_loss wikiPageWikiLink Category:Tort_law.
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- Pure_economic_loss wikiPageWikiLink Insurance.
- Pure_economic_loss wikiPageWikiLink Jargon.
- Pure_economic_loss wikiPageWikiLink Jurisdiction.
- Pure_economic_loss wikiPageWikiLink Law_of_France.
- Pure_economic_loss wikiPageWikiLink Law_of_Germany.
- Pure_economic_loss wikiPageWikiLink New_York_Court_of_Appeals.
- Pure_economic_loss wikiPageWikiLink Pure_economic_loss_in_English_Law.
- Pure_economic_loss wikiPageWikiLink Roger_J._Traynor.
- Pure_economic_loss wikiPageWikiLink Rutgers_Law_Review.
- Pure_economic_loss wikiPageWikiLink Spartan_Steel_&_Alloys_Ltd_v_Martin_&_Co_(Contractors)_Ltd.
- Pure_economic_loss wikiPageWikiLink State_supreme_court.
- Pure_economic_loss wikiPageWikiLink Supreme_Court_of_the_United_States.
- Pure_economic_loss wikiPageWikiLink Tort.
- Pure_economic_loss wikiPageWikiLink United_States.
- Pure_economic_loss wikiPageWikiLink University_of_Illinois_Law_Review.
- Pure_economic_loss wikiPageWikiLinkText "Pure economic loss".
- Pure_economic_loss wikiPageWikiLinkText "economic loss".
- Pure_economic_loss wikiPageWikiLinkText "losses".
- Pure_economic_loss wikiPageWikiLinkText "pure economic loss".
- Pure_economic_loss wikiPageWikiLinkText "resultant economic loss".
- Pure_economic_loss wikiPageUsesTemplate Template:Cite_book.
- Pure_economic_loss wikiPageUsesTemplate Template:Cite_journal.
- Pure_economic_loss wikiPageUsesTemplate Template:Reflist.
- Pure_economic_loss subject Category:Judicial_remedies.
- Pure_economic_loss subject Category:Law_and_economics.
- Pure_economic_loss subject Category:Tort_law.
- Pure_economic_loss hypernym Term.
- Pure_economic_loss type Concept.
- Pure_economic_loss comment "Economic loss is a term of art 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. There is a fundamental distinction between pure economic loss and consequential economic loss, as pure economic loss occurs independent of any physical damage to the person or property of the victim.".
- Pure_economic_loss label "Pure economic loss".
- Pure_economic_loss sameAs Q7261147.
- Pure_economic_loss sameAs m.03gqw9q.
- Pure_economic_loss sameAs Q7261147.
- Pure_economic_loss wasDerivedFrom Pure_economic_loss?oldid=708340819.
- Pure_economic_loss isPrimaryTopicOf Pure_economic_loss.