Handout offer and Acceptance

Handout offer and Acceptance - MGT 393 BUSINESS LAW March 7...

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1 of 3 MGT 393 - BUSINESS LAW – March 7, 2016 Completion of tort law Product liability Duty of care established primarily Donoghue v Stevenson [1932] AC 562 , A manufacturer owes a duty of care to the ultimate consumer of their manufactured goods. Breach of duty design problem; manufacturing issue; lack of warning (obligation to warn of risks) Damages and causation Professional liability (negligence) Consider who is a professional? (liability may be in contract, negligence, breach of fiduciary) Duty of care consider relevant parties (client; patient etc.) Breach of the duty of care not reasonable person – consider a prudent practitioner – what would another professional have done (must fall below standard) Damages and causation Negligent misrepresentation Basically a statement made and relied on (examples – Auditor report; Home inspection .. Duty of care see page 4 of Tort handout – Hercules Management and Ernst & Young – 2 prong test – 1. Would the defendant have reasonably forseen tha the plaintiff would rely on the misrepresentation AND 2. Was the information used for the intended purpose. Breach (discuss) Damages and causation Consider (i) a duty of care exists based on a special relationship between the representor and the representee; (ii) the representation must be untrue, inaccurate or misleading; (iii) the representor must have acted negligently in making the misrepresentation; (iv) the representee must have relied, in a reasonable manner, on the negligent misrepresentation; and (v) reliance must have been detrimental to the representee in the sense that damages resulted. Fraudulent misrepresentation – same 4 elements and intent to deceive. Contract Law ROLE OF CONTRACT /INTRO CONCEPTS § facilitates bargaining process a valid contract (one that has all 4 elements and cannot be impeached) will be enforced by the court § a contract is essentially an agreement (or promises) that the law will enforce § LATIN TERM
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