ACCT352 Midterm: Exam 2

• School: University of Delaware
• Department: Accounting
• Course: ACCT352
• Professor: Alexander Virgil

Document Summary

Tort: a wrongful act by a person that causes harm to another person. Civil law permits the injured person to file a lawsuit to receive monetary compensation from person who caused injury. Purpose -- provide a remedy (damages) to injured persons and to deter wrongful conduct. Intentional torts: when a person acts intentionally resulting in injury to another person or that person"s property. Unintentional torts (negligence): person"s actions, while not intentional, was not in keeping with the careful conduct we expect of others and thus the person is liable to the injured person. Compensatory damages: reimburse plaintiff for actual losses. Special/economic -- for quantifiable losses, such as medical expenses, lost wages and benefits. General/non-economic -- for nonmonetary aspects, such as pain, suffering and reputation. Example: tom crashes his car into mary"s car, injuring mary and doing substantial damage to her car.