BU231 Chapter Notes - Chapter 5: Fiduciary, Liability Insurance, Special Relationship
Document Summary
Chapter 5 professional liability: the legal challenge. Professionals people who have specialized knowledge and skills that are relied upon by clients and others. Usually they belong to a professional organization and are licensed by that body to offer their services to the public. Use of professional services does not eliminate risk, just reduces it. A professional may be imposed by a tort law, breach of contract if there is a contract to which and how they supply their advice, And finally the professional must follow something called fiduciary responsibilities which are separate from any tort or contract. The professional stands in a contractual relationship with her client. Because this relationship is built off trust and loyalty, there could be a. An agreement to provide services to a client involves a promise. A breach of that promise is a breach of contract and the client may then sue for damages.
