What is the economic loss doctrine?

The economic loss doctrine is a legal rule in the state of Florida that limits the damages a consumer can pursue if a product causes harm or injury. This doctrine prevents a consumer from suing for damages related to economic losses, such as the cost of repairs or the diminishment of value of the product, since these damages don’t involve any physical injury or damage to property. The economic loss doctrine essentially serves as a limitation on a consumer’s ability to recover certain damages from a manufacturer or seller for a defective product. In Florida, courts generally recognize the economic loss rule, which means that a consumer can only recover damages that are associated with physical injury or damage to property. This includes lost wages, medical bills, and other costs related to the physical impairment or injury caused by a defective product. In addition, the economic loss doctrine also limits a consumer’s ability to sue a manufacturer or seller for breach of contract. If the product caused economic losses, such as a diminished value or repair costs, the consumer must pursue a claim based on a breach of express or implied warranty instead of breach of contract. Overall, the economic loss doctrine is an important legal rule in the state of Florida that allows consumers to recover damages related to physical harm or damage to property, while limiting the damages they can pursue when only economic losses are involved. This rule serves to protect manufacturers and sellers from being subjected to unfair or excessive liability for damages related to their products.

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What is the economic loss doctrine?

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