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A lawyer is a person who writes a 10,000-word document and calls it a 'brief'.
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Legal Definitions - sunk cost
A judge is a law student who marks his own examination papers.
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Definition of sunk cost
Definition: A cost that has already been incurred and cannot be recovered.
Examples:
- Money spent on a non-refundable concert ticket that you cannot attend.
- Investment in a failing business that cannot be recouped.
- Time and resources spent on a project that is ultimately abandoned.
These examples illustrate the concept of sunk cost because the money, investment, and time spent cannot be recovered, regardless of the outcome. It is important to recognize sunk costs and not let them influence future decisions, as they are no longer relevant to the current situation.
Study hard, for the well is deep, and our brains are shallow.
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Simple Definition
Sunk cost is money that has already been spent and cannot be recovered. It's like buying a toy and then realizing you don't like it, but you can't get your money back. The money you spent on the toy is a sunk cost. It's important to remember that sunk costs should not affect future decisions because the money is already gone.
If we desire respect for the law, we must first make the law respectable.
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