hey, just wanted to know if 'negligent act' is the same as 'consequential economic loss', if it's not can someone explain please. I do not get this at all!!!
Not at all.
Negligent act is an act or omission that cause the injury or loss.
Cosequential economic loss is financial loss as a result of a negligent act, indirectly but within the contemplation of the parties (expectation or reliance).
For example, your negligent act cause the failure of a machine. You are liable for the cost of repair. Now, if this causes the production
line to shut down, there will be loss of production as a consequnce of machine breakdown, you may be liable (not always) for the financial loss of production.
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