ECON-101 Lecture Notes - Lecture 5: Fish Finger, Liability Insurance, High Standard Manufacturing Company
2 Apr 2016
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Chapter 5 negligence, professional liability and insurance. Unintentional or careless act that causes harm to another = negligence. A tort is a behavior that falls below a socially acceptable standard. Ex. knowing that when you own a place in edmonton, you are accountable for shoveling you sidewalk (it is socially expected) and if you do not do this it is negligent = against socially acceptability. If a tort is unintentional you call it negligent. We all have a duty not to carelessly harm others: negligence carelessness. We do not owe a duty of care to everyone because not everyone would be foreseeably affected. The two part test for duty of care: 1. Foreseeability was it reasonably foreseeable, along with a close and direct relationship objective not subjective: 2. The reasonable person test: what the reasonable person would have done, is a fictionalized, particularly careful person who is better than average.
