diminution in value
The difference between the market value of what was promised and the market value of what was delivered; the measure used instead of cost of completion when completion would be economically wasteful.
In SpanishEn español
disminución de valor
La diferencia entre el valor de mercado de lo prometido y el de lo entregado; la medida que se usa en lugar del costo de terminación cuando terminar sería un desperdicio económico.
ExamplesEjemplos
- Reading pipe versus Cohoes pipe: nominal. Tubería Reading contra Cohoes: nominal.
RelatedRelacionados: cost of completion vs. diminution in value, economic waste
Cases: Groves v. John Wunder Co., Jacob & Youngs, Inc. v. Kent, Peevyhouse v. Garland Coal & Mining Co.
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