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Chpt 4 Professional Liability.docx

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Department
Accounting
Course
ACTG 2P40
Professor
P.Maloney
Semester
Fall

Description
Chpt 4 Professional Liability Professional Liability – is the area of tort law in cases of negligence (unintentional torts) that applies to professionals such as Doctors, Lawyers, Accountants, Engineers and Pharmacist. 1) Contractual Duty 2) Fiduciary Duty 3) Duty in Tort Tort of Deceit – Misrepresentation  Misrepresentation is when someone makes an untrue statement knowing it is untrue with the intention to mislead someone or a group or if someone intentionally conceals valid information to mislead. Extending Liability to the Third Person???  The courts feared that extending the liability to the third person would hold almost strict liability on the professionals and limit the freedom to practice the professional field  Leading case decided by the House of the Lords in 1951 – Lord Dennings decision “ the duty of care need not be owed to every person but owed to the particular person or group of people that the maker of the statement may reasonable might expect to look at it” Hedley Byrne Principle 1963  The Hedley Byrne Principal established in 1963 (12 yrs after) in Hedley Byrne V. Heller and Parnters.  The Hedley Byrne Principal was established on the basis of Lord Dennings decision what said “ the duty of care need not be owed to everybody but be owed the particular person or group in which the maker of the statement could reasonably expect to look at the statement”  Also the Hedley Byrne Principal established that in a case of a „Disclaimer‟ that the
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