Management and Organizational Studies 2275A/B Study Guide - Limited Liability Partnership, Misrepresentation, Liability Insurance

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Henry Meredith

Document Summary

After studying this chapter, you should have an understanding of: how business uses the services of professionals the legal responsibilities of professionals to their clients and others who rely on their work the role of professional bodies. Learning outcomes: understand the contractual, fiduciary, and tort responsibilities of professionals to their clients (pages 561, recognize how professionals manage legal risks (pages 570, understand how a self-regulating profession governs and disciplines itself (pages 572 574) Professionals owe a range of duties to their clients. Professionals are governed by contract and tort law. They must deliver services as contracted for and in accordance with the requisite professional expertise. If they are negligent in performing their responsibilities, they will likely be responsible for damages. In addition, professionals may be in a fiduciary relationship with their clients if the elements of trust and confidence and the reliance on skill, knowledge, and advice are present.