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Economic Loss Doctrine
Economic Loss Doctrine Cartoons

Economic Loss Doctrine

Lincoln Co. v. Detroit Diesel Corp. General Insurance; breach of warranty; no exception to the economic loss doctrine for damages to a defective product when an inherent defect makes the product unreasonably dangerous.
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Security Interest
Security Interest
Helms v. Certified Packaging Corp.; security interest includes the proceeds from a recovery for decreased value of collateral, and not for loss of use of the collateral; destroyed property; damaged property.
Perfected Status
Perfected Status
In re Wild West World, L.L.C., Debtor; bankrupcty; notice to creditors; claimed security interest requires timely filing in order to obtain perfected status.
Statute of Frauds Exception
Statute of Frauds Exception
Kolkman v. Roth; an exception to the statute of frauds applies in cases of promissory estoppel.
Federal Arbitration Act
Federal Arbitration Act
Hall Street Associates, L.L.C. v. Mattel, Inc.; The FAA provides the exclusive grounds for expedited vacatur and modification of arbitration awards. These grounds are extreme such ascorruption, fraud, partiality, misconduct, etc.
Double Indemnification
Double Indemnification
Peter Kossian v. American National Insurance Co.; Under the equitable doctrine of unjust enrichment, one party should not be indemnified twice for the same loss.
Supplementary Terms
Supplementary Terms
C. Itoh & Co. (America) Inc. v. Jordan Int'l Co.; The terms of a contract are the writings of the parties, along with supplementary terms incorporated by operation of law; gap-filler provisions of Article Two of the U.C.C.; additional terms.
Multiple Writings
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Crabtree v. Elizabeth Arden Sales Corp.; Statute of Frauds does not require single writing; multiple writings ok if linked by a reference within them to the same subject matter or transaction. Signed and unsigned writings may be read together.
Repudiate a Contract
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Rocheux Int'l of N.J. v. U.S. Merchants Fin. Group; whether one party repudiated a contract or provided adequate assurance of future performance are questions of fact that must be decided by the trier of fact based on commercial standards.
Four Corners Exception
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Beanstalk Group, Inc. v. AM General Corp.; A contract will not be interpreted literally if doing so would produce absurd results. The parties are presumed to be rational persons pursuing rational ends.
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Moral Obligation is Consideration
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Webb v. McGowin; a moral obligation is sufficient consideration for a subsequent promise if the promisor has received a material benefit, even if the promisor had no original duty or liability.