ECONOMIC LOSSeconomic loss. A monetary loss such as lost wages or lost profits. ? The term usu. refers to a type of damages recoverable in a lawsuit. For example, in a products-liability suit, economic loss includes the cost of repair or replacement of defective property, as well as commercial loss for the property’s inadequate value and consequent loss of profits or use. [Cases: Damages 36, 40(1). C.J.S. Damages ¡ì¡ì 53, 58, 61; Torts¡ì 26.]
consequential economic loss. Economic loss that proximately results from a defective product and that is beyond direct economic loss. ? Examples include lost profits and loss of goodwill or business reputation. [Cases: Damages 36; Products Liability 17.
1. C.J.S. Damages ¡ì 53; Torts¡ì 26.]
direct economic loss. Economic loss flowing directly from insufficient product quality. ? The most common type is loss-of-bargain damages ¡ª 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. [Cases: Products Liability 17.1; Torts
5. C.J.S. Torts ¡ì¡ì 24¨C26.]