Liability for Economic Loss Essay Example | Topics and Well Written Essays - 1750 words

Liability for Economic Loss - Essay Example Bar, U. Drobnig & Guido Alpa. â€Å"The Interaction of Contract Law and Tort and Property Law in Europe: A Comparative Study.† (2004). Rome: Guido Alpa 12 M. Schneier & American Bar Association. â€Å"Construction accident law: A comprehensive guide to legal liability and insurance claim.† (1999) Boston: American Bar Association 12 Shanley â€Å"Comparative negligence and jury behavior† New York: Rand Corp 12 L. McDougal, R. Felix & R. Whitten. â€Å"American Conflicts Law: cases and material† (2004) New Jersey: LexisNexis 12 Cullen I. & NSW Young Lawyers. â€Å"Civil Liability Act 2002† (2002) New York: NSW Young Lawyers 13 M. Drury. â€Å" Clinical Negligence in General Practice† (2000). Houston: Radcliffe Publishing 13 Todd A. DeMitchell â€Å"Negligence: What Principals Need to Know about Avoiding Liability† (2007). Washington: Rowman & Littlefield Education 13 Arthur Martin C. â€Å"Negligence: Instruction Paper† (2010). Ne w York: BiblioBazaar 13 Bob P. â€Å"Professional Negligence in Construction† (2003). New York: Taylor & Francis 13 Schrage E. J. H. â€Å"Negligence: The Comparative Legal History of the Law of Torts† (2001) Detroit: Duncker & Humblot 13 Lewis K., Linda D. â€Å"Negligence† (1995) Texas: Carswell 13 Tony K. â€Å"Negligence: Origins† (2009). ... arises pertaining to failure by a party to â€Å"exercise reasonable care and skill†1 Further guidelines stipulate that harm is any kind of harm laid upon damage of property or any harm that is inflicted upon damage of property. Therefore, liability for economic loss seeks to make judgment on the party that is to endure losses occurring from the loss suffered. Tort law assigns the liability for economic loss to either parties of the case, in accordance to the law guidelines and according to the damage suffered by either party. Cases arising from economic losses are far-reaching and go beyond a certain limit, regarding many entailments. A scenario example would arise due to a contractual obligation, a construction concern or negligence in meeting the requirements of guide. Construction defects arising from defective installation or derisory material will normally amount to breach of contract, and the economic liability will lie towards the contractor. Tort law however makes exc eptions for certain cases arising from negligence by the owner of the property to fulfill their obligation as a result of negligence. If the contractor made it known that the materials used by the contractor were faulty and that the owner submitted to the allegations, then the liability for economic loss will be awarded to the owner. Another attribute of the tort law is that a contractor may suffer liability for economic loss if the contractor makes appropriations limiting certain actions allocated by the contractual agreement. Cases relating to liability for economic loss are dynamic. They rely on a set of tort law, common law and case law. Case law answers the question of how it is applied mostly. Cases arising from prior disagreements suit a large part of the case law aspects regarding liability