LAW 122 Lecture Notes - Lecture 11: Reasonable Person, Stock Market
Document Summary
Defines how much care a person with a duty of care must exercise. Second element: the breach of the std of care: how should the def"d have acted, std of care is breached, when the def"d acted less carefully, based on: the objective reasonable person test. Professionals must act as a reasonable professional would under similar circumstances: e. g. , the reasonable doctor or the reasonable lawyer. I"m going to close with surgical glue rather than staples. Case study: p. 157 #2 & case brief 6. 2 hercules p 140. Facts: john brokaw was interested in purchasing an apartment building. Concerned about the price, he contacted lonnie hauser, a property value appraiser. Brokaw explained in great detail that he needed to know, as precisely as possible, how much the apartments would generate in rent. The final report provided by hauser stated the property was worth ,400,000. When sold: the actual market value of the property was ,000,000.
