640 Class 14 Outline

640 Class 14 Outline - Class 14 Outline Business Finance...

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Class 14 Outline Business Finance 640 - Insurance and Risk Winter Quarter, 2008 This class discusses the basis for the liability risk exposure. Theoretically there is no maximum upper limit to the size of a liability suit. Attorney fees arising from defending a liability suit can be enormous. A person’s income and assets can be attached to satisfy a liability judgment. We start by discussing the types of legal wrong, and then look at the major elements of a negligent act. Next, we briefly look at the legal defenses that can be used if one is sued. Then, we turn to a review of specific applications of the law of negligence. Later in the class, we focus on alleged defects found in our legal system and their implications for public policy. We review rising tort liability costs and various tort reform measures. I. Basis of Legal Liability A Types of Legal Wrongs 1. Legal wrong is defined as the failure to perform a legal duty. 2. Types of legal wrongs include crimes, breach of contract, and torts. B Types of Torts 1. Intentional—such as libel, slander, assault, and false arrest 2. Absolute liability—liability is imposed regardless of negligence or fault
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This note was uploaded on 07/17/2008 for the course BUSFIN 640 taught by Professor Krempley during the Winter '08 term at Ohio State.

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640 Class 14 Outline - Class 14 Outline Business Finance...

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