MGSC30H3 Study Guide - Ultra Vires, Clain, Punitive Damages
Document Summary
Chapter 6: special tort liabilities of business professionals. Professional: a person with special skills not possessed by most individuals. Distinguish profession from service providers: a structured and educational training program (ca, Control and regulate members, make sure they are educated and meet a certain competence requirement. Fiduciary duty: a duty to place clients interest above the professional"s own interests, unbiased opinion and advice. May constitute a breach of duty of care: threefold test for liability of economic loss caused by negligent misrepresentation: Whether there was a relationship between the parties of sufficient proximity, 3. That in terms of public policy and the circumstances it would be just and reasonable to impose the duty on the party making the statement. Accountants in particular are subject to extended to liability because it is aware that their work is depended on by third parties. Through third parties accountants are big targets for complaints but with little success.
