Reliance Loss Law and Legal Definition
Reliance loss arises when the claimant has incurred out of pocket or wasted expenditure in preparation of or partial performance of the contract. The purpose of reliance loss is to put the claimant in the same position they would have been in before the contract was entered into. A suit can be filed to determine the monetary damages resulting from the loss. Reliance loss is also known as wasted expenditure loss.
