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.
Thanks for posting! You just need to create an account in order to submit the post
Already a member?
Oops, something wasn't right
please check the following:
Not got an account?
Sign up now
© Copyright The Student Room 2016 all rights reserved
The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.
Register Number: 04666380 (England and Wales), VAT No. 806 8067 22
Registered Office: International House, Queens Road, Brighton, BN1 3XE