Chapter 5.docx - Chapter 5 Professional Liability Liability of Professionals Three types 1 Contractual Liability 2 Fiduciary Liability 3 Tort Liability

Chapter 5.docx - Chapter 5 Professional Liability Liability...

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Chapter 5: Professional Liability Liability of Professionals- Three types 1. Contractual Liability 2. Fiduciary Liability 3. Tort Liability Contractual Liability Contract for services If contract is breached, the breaching party is liable E.g. contract to provide legal services Fiduciary Duty Fiduciary Duty – a duty imposed on a person who stands in a special relationship of trust and loyalty to another E.g. lawyer/client; doctor/patient trustee/beneficiary A Duty to act in good faith and in the best interests of the Beneficiary Must act in your client’s best interest Can not benefit in any secret way A legal or practical interest of the beneficiary could be harmed by actions of Fiduciary Tort Liability Occurs when a professional deliberately or carelessly causes damage to a client Tort liability can extend the range of Plaintiffs beyond those in a direct relationship E.g. auditor’s report given to investors Misrepresentation
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  • Fall '13
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