MCS 3040 Study Guide - Professional Liability Insurance, Fiduciary

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

Document Summary

Professional - someone engaged in occupation, usually governed by a professional body, requiring the exercise of specialized knowledge, education, and skill. Ethical obligation professionals" ethical obligations are especially important to employers. Hiring professional in-house - deciding whether or not to acquire professional services on a contract basis from outside firms or to hire full time professionals as employees is difficult. Responsibilities of professionals to clients and others who rely on their work. Retainers - advance payment requested by professional from client to fund services to be provided to the client: responsibilities in tort the professional can be responsible for a range of torts and negligence is the most common. They must perform services in accordance with the standards of a reasonably competent member of that profession. Duty of confidentiality - obligation of professional not to disclose client information without consent. Privilege - the professional"s right not to divulge a client"s confidential information to third parties.