In UK law, “loss” generally refers to any detriment or harm suffered by an individual or entity as a result of a legal wrong or breach of duty committed by another party. Loss can take various forms, including financial losses, physical injuries, damage to property, emotional distress, or loss of opportunity. In legal proceedings, parties may seek compensation or damages to recover the losses they have incurred. The assessment of loss in UK law often involves determining the extent of the harm suffered, the causation between the wrongful act and the loss, and the appropriate remedy to rectify or mitigate the damage. Courts consider various factors, evidence, and legal principles to determine the extent of compensation owed to the aggrieved party for their losses.
n.
- the value placed on injury or damages due to an accident caused by another’s negligence, a breach of contract or other wrongdoing. The amount of monetary damages can be determined in a lawsuit.
- when expenses are greater than profits, the difference between the amount of money spent and the income.
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This glossary post was last updated: 29th March, 2024.
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