loss

In law, loss generally refers to a decrease in a person’s physical, emotional, legal, or pecuniary situation. See also: damage

Some federal statute divides loss into economic and noneconomic loss. Economic loss is any pecuniary loss resulting from harm. Noneconomic loss means loss for pain, suffering, inconvenience, physical impairment, mental anguish, disfigurement, loss of enjoyment of life, loss of society or companionship, loss of consortium , hedonic damages, injury to reputation, or any other nonpecuniary loss of any kind of nature.

A party can experience loss through some of the following ways: serious bodily injury resulting from a car accident ( Oberly v. Bangs Ambulance Inc. ), paying more than the actual value of property ( Benson v. Fannie May Confections Brands, Inc. ), an invasion of the exclusive use of tangible property ( Olwell v. Nye & Nissen Co. ), or receiving goods of a lesser quality than represented ( MayHall v. A.H. Pond Co. ).

Loss may also refer to one of the following kinds of loss:

[Last reviewed in August of 2020 by the Wex Definitions Team ]

Wex