Final answer:
The ratio in Hedley Byrne & Co Ltd v Heller & Partners Ltd established that a duty of care can exist for negligent misstatements in cases where there is reliance upon a party's special knowledge or skills, paving the way for claims related to economic loss in the absence of a contract.
Step-by-step explanation:
The case you are referring to is likely Hedley Byrne & Co Ltd v Heller & Partners Ltd, which is a landmark case in English tort law. The ratio decidendi (or legal principle) of this case is that a duty of care may arise from a special relationship where one party has or professes to have special knowledge or skills, and the other party relies upon this skill or judgment. This case established the principle that if someone makes a representation knowing that the other party will rely on it, they could be held liable for negligent misstatements if they fail to take reasonable care to ensure the statement is accurate. This rule is particularly relevant in situations of financial services or professional advice, where accuracy is critically important and reliance can lead to significant losses.
It's important to understand that this case moved beyond the physical realm to include economic loss, setting a legal precedent that has played a significant role in many subsequent cases on professional negligence. Under certain conditions, a party can be held responsible for losses that arise from negligent misstatements even if there is no contractual relationship—this marks the recognition of the so-called 'economic tort' in common law.