BU231 Lecture Notes - Lecture 6: Fiduciary, Punitive Damages, Billable Hours
Document Summary
Yes: 3 types of liability affecting professionals: Contractual relationship: breach of contract cause of action. Tort of negligence: representation if tort of duty of care is owed. Matter of a professional lawyer to determine the causes of action. Most of the time, if a party is suing, they often sue for negligence, as well as breach of contract: duty to account. The duty of a person who commits a breach of trust to hand over any profits derived from the breach. This remedy can be pleaded as its own remedy, or an alternative to damages: time limit for a cause of action. Calculated from the time that the contract ends. For a tort, calculated from when the tort is discovered. Tort liability for inaccurate statements: misrepresentation: untrue statement. Most likely source of liability for professionals. Can qualify as deceit, or negligent misrepresentation: deceit. Some level of knowledge of the falsehood of the representation on the part of the defendant.
