MGT 3010 Chapter Notes - Chapter 5: Fiduciary, Intentional Tort
Document Summary
Professionals apply to people who have specialized knowledge and skills that are relied on by clients. Usually they belong to a professional organization and are licensed by that body to offer their services. Liability may arise from 3 relationships: contractual relationship generates breach of contract cause of action, fiduciary relationship generates a breach of fiduciary duty, the tort of negligent misrepresentation. Tort liability: occurs when a professional deliberately or carelessly causes damage to a client. Fiduciary duty: a duty imposed on a person who stands in a special relationship of trust and loyalty to another. Conflict of interest: a situation where a duty is owed to a client whose interests conflict with the interests of the professional, another client or another person to who a duty is owned. Third party liability: liability to some other person who stands outside a contractual relationship.
