Economic Loss Flashcards
1
Q
Pure economic loss
What compensation is owed to someone who suffered from pure economic loss?
Case -
A
Nothing, there is no duty or dare to avoid cashing someone to suffer a loss purely economic
Spartan Steel & Alloys Ltd v Martian
2
Q
What’s step 1?
A ….. ……… must be ……
Case?
A
A special relationship must be established
Hedley
1) the possession of a skill/expertise
Jones
2) knowledge of the fact there will be reliance on the advice
Caparo
3) reasonable reliance, the claimant must prove it was reasonable for them to rely on the information (Chaudhry)
4) the loss to occur as a result
3
Q
Steps 2 + 3
A
Step 2 is a breach (standard of care)
Step three is damage (Remoteness and causation)
