law-ass2 - Contents LO3 Understand principles of liability...

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Contents LO3. Understand principles of liability in negligence in business activities .................... 2 TASK 3.1 : Contrast liability in tort with contractual liability ................................................. 2 TASK 3.2 : Explain the nature of liability in negligence .............................................................. 5 TASK 3.3 : Explain how a business can be vicariously liable. ................................................... 6 LO4. Be able to apply principles of liability in negligence in business situations ............ 7 TASK 4.1 : Apply the elements of the tort of negligence and defenses in different business situations ......................................................................................................................................... 7 TASK 4.2 : Apply the elements of vicarious liability in given business situations. ....... 8 Page 1
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LO3. Understand principles of liability in negligence in business activities TASK 3.1 : Contrast liability in tort with contractual liability Definition of Contract: A contract is an enforceable agreement entered into between two or more parties. If one party fails to perform under the terms of the contract, then that person incurs contractual liability. Definition of Tort: Tort laws govern situations where one person has harmed or injured another person. Tort laws cover violations where the party intentionally harmed the other person. Tort laws also address incidents where the party may be held liable even if they did not act intentionally, such as in negligence claims or strict liability claims. Tort laws usually result in the liable party paying the victim monetary damages to compensate for their losses. Joint Liability: When two people are jointly liable, each is individually liable for whatever debt or obligation they have together. For example, if spouses both sign for a mortgage loan, they are jointly liable for the amount of the loan. Thus, if one spouse passes away, the other is liable for any remaining amount. Several Liability: Several liability is the opposite of joint liability. When two or more partners obtain a loan for which they are severally liable, each partner is only liable for their own obligation. For example, if three business partners co-borrow money for their small business and the loan agreement states that they are only severally liable, the lender may only sue the partner who fails to fulfill his obligation. Strict Liability: Strict liability is a legal doctrine that holds a person responsible for the damages or loss caused by his or her acts or omissions. This doctrine holds a person liability regardless of culpability. Strict liability is important to tort law, particularly in product liability lawsuits. It is also important for corporation law and criminal law. Trespass: Page 2
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Trespass isn't simply the unauthorised entry into someone's property without permission--that definition limits the term to land and chattel. Trespass, specifically, is a negligent or intentional act made by individual that causes injury to another person or his/her property without lawful justification, no matter how slight.
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