Is Economic Loss Recoverable Under Business Law?
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When a business suffers damages regarding profitability, it’s known as economic loss. Sometimes, this loss is due to the business being wronged in a way that violates the law, such as fraud or false advertising. When this is the case, and you can determine that someone has caused your business economic damages, then you may be able to recover your losses. In this video, commercial litigation attorney Curtis Miner describes which economic damages are recoverable and how to go about recovering them.
Economic loss is when a business has suffered damages to its profitability. Businesses are designed to make money and economic loss is when something wrong has been done and it’s caused the business to lose money. A business tort is generally a term that gets used for any sort of conduct in the business world where a business is harmed, just like a person is harmed. It can be a fraud. It can be a misrepresentation. It can be forms of, all sorts of forms of cheating or false advertising. There’s business cycles all the time in the United States and just because there’s a downturn in your business doesn’t mean you have a lawsuit or a legal claim to bring. A business tort is when a competitor or some other person has done something wrong, something that violates the law and if you can trace to that wrong. If you can trace to that conduct, specific economic damages that your business has suffered, then you have an economic loss that may be recoverable. For more information, call Colson Hicks Eidson at 305-476-7400 or visit our website, www.colson.com.