term1 Definition1term2 Definition2term3 Definition3
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A characterization of a pecuniary loss that is not a consequence of injury to the person or property of a party.
Pure Economic Loss
True or FalseA party owes a duty of care to a plaintiff who suffers a pecuniary loss from the parties negligent action EVEN IF there is no harm or injury to his property.
FalseA Def owes no duty of care to a plaintiff who suffers economic loss from defendant's negligent act where the loss is UNACCOMPANIED BY PHYSICAL DAMAGE TO PERSON OR PROPERTY.
2 TYPES OF PURE ECONOMIC CASES
(1) Negligent Misrepresentation or Misstatement Causing Economic Loss
(2) NEGLIGENT ACTS CAUSING ECONOMIC LOSS.
NO RECOVERY FOR ECONOMIC LOSS, UNLESS PHYSICAL DAMAGE TO PROPERTY OCCURS
M/V Testbank
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