MCS 3040 Lecture Notes - Fiduciary, Professional Responsibility

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

This chapter balances the different perspectives of professionals and business. The chapter touches on businesspeople should structure their relationships with professional as well as their expectations of the professionals. Also provides a deeper look into the workings of professional bodies. Businesses depend on professional services whether they are supplied in house or provided by a private firm. Relationships with professionals in house are governed by the principles of employment law. Relationships with professionals external of the company are governed by contract law. Companies decide on whether to have in house services or outsource, based on size of the company, use of the service and costs. The legal and ethical obligations for professionals varies according to the capacity in which they are hired. Whether they are supplied in house or outside they can be liable for negligence. Significant to business is that professionals ethical obligations which vary depending on the rules they are bound to in each profession.