Loss Legal Meaning and Definition

Here is a simplified definition of the legal term Loss.

Loss (noun)

Loss refers to any decrease or deduction in value, particularly pertaining to goods, property, or business assets, caused by an action or event. It may occur due to a variety of reasons such as sales, accidents, damages, or any other unforeseen situations. An example could be a financial decrease resulting from selling a property for less than its original purchase price, referred to as a 'loss on sale'. These instances negatively impact the financial position or total wealth of an individual or business.