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Final

Study Notes for Final Exam

13 Pages
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Department
Management (MGS)
Course Code
MGSC30H3
Professor
Professor Rybak

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MGTC31H3 - BUSINESS LAW FINAL EXAM
CHAPTER 6: TORT LIABILITIES OF BUSINESS
PROFESSIONALS
THE PROFESSIONAL
Professional person with skills not possessed by most individuals
the professional-client relationship
Contract where a professional agrees to perform certain specified services
for the client in return for a fee in accordance with standards of profession
fiduciary duty of care
Duty to place a clients interest above the professionals own interest
If professional agrees to perform free service, there is a duty to perform
according to standards, despite no contract
A professional offering free professional advice must ensure his/her
role or interest in the transaction is fully explained
tort duty of care
Professional must maintain standard of proficiency or exercise degree
of care in conduct of duties that is according to standards or profession
Ie. Surgeon, child and sponge case: child dies as a result of a sponge
left in throat surgeon is found guilty of negligence because he did not
do everything in his power despite warnings
INformed consent
A full and understandable explanation of the risks associated with a
course of action and the clear understanding by the client or patient
Negligent misrepresentation
Negligent misstatements made by professional to client; breach of duty
of care
Test for Negligent Misrepresentation:
1.Was harm foreseeable
2.Was there a relationship between the parties of sufficient proximity
1
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3.Would it be just and reasonable to impose duty on party making
statement
Accountants
Duty to accurately prepare financial statements of publicly traded
corporations
Lawyers
Standard of care is that of a skilled and careful member of the
profession and the failure to maintain this level of competence in the
performance of the lawyers duties to the client may constitute
negligence
Solicitor-client privilege: duty of lawyer to keep confidential
information by a client
Engineers
Standard of care is that of a competent and careful engineer trained
in that particular area of expertise for which they are trained
Liability it not limited to client but also to subsequent purchasers of
construction project
Architects
Expertise is limited to the design and supervision of construction of
buildings and structures
If loss results to the client by the architect not maintaining standard
level of skill, may result in tort liability for negligence
University Professors
Duty of care in the dealing and treatment of students
Liable for damages such as injury to reputation or career
Semi-professional and other skilled persons
Can be responsible for losses others suffer as a result of careless acts or
omissions
Ie. Insurance agents
2
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CHAPTER 7: THE LAW OF CONTRACT
Elements of a Valid Contract
1. Intention to create a legal relationship
a.Consensus ad idem agreement as to the subject or object of the
contract
b.Promises between family not normally an enforceable contract
(same with advertisements) unless promise acceptor can
convince court that offerer intended to be bound by promise
2.Offer a tentative promise subject to a condition
a.Offer must be communicated by offeror to offeree before
acceptance can take place
3.Acceptance statement or act given in response to and in accordance
with an offer; must be clearly and unconditionally accepted
a. If acceptance is not unconditional and changes are made, then
the original offer would have been rejected and the original
offeror would have to accept or reject the new offer
b.Silence is not acceptance unless otherwise agreed to before
c.Unilateral agreement where the offeree demonstrates
acceptance to contract by completing their part/service. Offeror
cannot withdraw offer while offeree is performing his/her part;
assuming the offeror has not reserved the right otherwise
4.Consideration
5.Capacity to contract
6.Legality
Location of the transaction
Place where offer is made and where acceptance occurs is a significant
determinant of the location of the contract and the jurisdiction to
govern it
Effect and timing of the click as offer and acceptance
Click-wrap agreement an internet click box of I agree which
constitutes valid acceptance of enumerated contractual responsibilities
3
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Description
MGTC31H3 - BUSINESS LAW FINAL EXAM CHAPTER 6: TORT LIABILITIES OF BUSINESS PROFESSIONALS THE PROFESSIONAL Professional person with skills not possessed by most individuals the professional-client relationship Contract where a professional agrees to perform certain specified services for the client in return for a fee in accordance with standards of profession fiduciary duty of care Duty to place a clients interest above the professionals own interest If professional agrees to perform free service, there is a duty to perform according to standards, despite no contract A professional offering free professional advice must ensure hisher role or interest in the transaction is fully explained tort duty of care Professional must maintain standard of proficiency or exercise degree of care in conduct of duties that is according to standards or profession Ie. Surgeon, child and sponge case: child dies as a result of a sponge left in throat surgeon is found guilty of negligence because he did not do everything in his power despite warnings INformed consent A full and understandable explanation of the risks associated with a course of action and the clear understanding by the client or patient Negligent misrepresentation Negligent misstatements made by professional to client; breach of duty of care Test for Negligent Misrepresentation: 1. Was harm foreseeable 2. Was there a relationship between the parties of sufficient proximity 1 www.notesolution.com 3. Would it be just and reasonable to impose duty on party making statement Accountants Duty to accurately prepare financial statements of publicly traded corporations Lawyers Standard of care is that of a skilled and careful member of the profession and the failure to maintain this level of competence in the performance of the lawyers duties to the client may constitute negligence Solicitor-client privilege: duty of lawyer to keep confidential information by a client Engineers Standard of care is that of a competent and careful engineer trained in that particular area of expertise for which they are trained Liability it not limited to client but also to subsequent purchasers of construction project Architects Expertise is limited to the design and supervision of construction of buildings and structures If loss results to the client by the architect not maintaining standard level of skill, may result in tort liability for negligence University Professors Duty of care in the dealing and treatment of students Liable for damages such as injury to reputation or career Semi-professional and other skilled persons Can be responsible for losses others suffer as a result of careless acts or omissions Ie. Insurance agents 2 www.notesolution.com
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