BU233 Lecture Notes - Lecture 15: Financial Statement, Intentional Tort, Tefal
Document Summary
Contractual obligations an agreement to provide professional services to a client; contains a promise, whether expressed or not, to perform those services competently. If this promise is broken, contract is broken and client may sue for damages. If there is no contract between professional and the injured party, fiduciary and tort liability are the alternative. Fiduciary duty a duty imposed on a person who stands in a special relation of trust and loyalty to another; can also exist when services are provided free of charge with no contract (ex. doctors, lawyers, parents, trustee) If a fiduciary duty is found to exist, the law imposes a wider range of obligations on the professional than is expressly stated in the contract or required under tort law. The professional must then act honestly, under good faith and only in the best interests of the client.
