Textbook Notes (290,000)
CA (170,000)
U of G (10,000)
MCS (700)
MCS 3040 (200)
Chapter 22

MCS 3040 Chapter Notes - Chapter 22: Disclose, Fiduciary


Department
Marketing and Consumer Studies
Course Code
MCS 3040
Professor
Joseph Radocchia
Chapter
22

This preview shows half of the first page. to view the full 2 pages of the document.
Professional:
Someone(engaged(in(an(occupation(requiring(the(exercise( of(special(knowledge,(
education,(and(skill
Professionals(have(ethical(obligations(that(other(employers(and(service(
providers(do(not(have
They(can(be(members(of(professional(governing(bodies(and(be(bound(by(
certain(codes(of(conduct(and/or(ethics
Professionals(owe(a(range(of(responsibilities(to(their(clients(these(can(be(
grouped(into(three(categories:
Contractual(Duties
§
§
Retainer:(an(advance(payment(requested(by(a(professional(from(a(
client(to(fund(services(to(be(provided(to(the(client
Tort(Duties
§
Professionals(have(duties(in(tort(similar(to(those(of(other(service(
providers(they(can(be(responsible(for(a(range(of(torts((ex.+
Negligence)
In(the(context(of(professional(services,(negligence(usually(
consists(of(careless(or(negligent(advice
§
In(order(for(a(professional(to(be(liable(for(negligence,(the(claimant(
must(establish(the(basic(elements(of(a(negligence(action:
Professional(owes(the(claimant(a(duty(of(care
Professional(has(breached(the(applicable(standard(of(care
Professional's(conduct(has(caused(the(claimant's(loss
Claimant's(loss(is(not(too(remote(from(the(professional's(
actions
Fiduciary(Duties
§
Professionals(act(in(a(fiduciary(capacity(and,(as(such,(owe(their(
clients(duties(of(loyalty,(trust,(and(confidence(that(go(beyond(the(
contractual(or(tort(responsibilities(that(are(owed(by(service(
providers(who(are(not(professionals
§A(fiduciary(must(act(primarily(in(the(interest(of(the(person(to(whom(
the(responsibility(is(owed(the(professional(must:
Avoid(any(conflict(of(interest(between(the(client's(affairs(and(
those(of(the(professional(or(the(firm
Refrain(from(using(the(relationship(for(personal(profit(beyond(
charging(a(reasonable(fee(for(services(provided
Disclose(all(relevant(information(to(the(client
Act(honestly(and(in(good(faith
Maintain(confidentiality(of(client(information
§Must(give(independent(advice(free(from(self-interest
§Owe(a(duty(of(confidentiality(to(their(clients(because(of(both(
fiduciary(principles(and(professional(rules(of(conduct((ex.+Lawyer-
client+privilege)
Professional+Corporation:
A(corporation(authorized(by(statute(to(carry(on(a(specific(profession
This(is(usually(only(a(possibility(when(it(is(expressly(possible(via(related(
legislation
Governance+Structures+of+Professions:
Legislation:
Professions(are(self-regulating(that(is(there(are(provincial(statutes(that(
establish(the(rights(of(the(professions(to(govern(themselves
Each(profession(is(governed(by(similar(legislation(in(each(province(
(provincial+associations+are+often+linked+to+federal+associations)+
Professionals(must(belong(to(a(provincial(governing(body(in(order(to(
practice(within(the(particular(province(although(some(professionals(are(
licensed(to(practice(in(more(than(one(jurisdiction
(Chpt.'22)'Professional'Services
Sunday,(March(19,(2017
11:41(AM
You're Reading a Preview

Unlock to view full version