BUSA 391 Lecture Notes - Lecture 5: Liability Insurance, Independent Contractor, Equitable Remedy
4 Mar 2013
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Document Summary
If you are injured on someone"s property or if someone is injured on your property, they can sue you, which is why you should have liability insurance which will cover you. If they take over the case, they are most likely to settle, but you don"t want them to settle, you want to be proven to not be at fault and not have to pay higher insurance. Vicarious- not just tortuous acts of employees but also business partners (the also incur liability), if they carry out their partnership duties, then they can incur tort liability through vicarious liability. If they commit a tort (deceit), you can be liable for the tort, but not the criminal aspect of it. Amount of money you owe to someone you are liable to. Money you use to compensate them, what happened, how much damages you are responsible for, compensate their losses.
