MCS 3040 Chapter Notes - Chapter 16: Canada Business Corporations Act, Fiduciary, Law Of Agency

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Corporate liability: a corporation is a legal person in the eyes of the law. Liability in tort: primary liability and vicarious liability, a corporation has primary liability for a tort when, in law, it is regarded as the entity that actually committed the tort in question. Regulatory offence: an offence contrary to the public interest: have criminal aspect, involve punishable conduct, ex. polluting streams. Self-dealing contract: a contract in which a duciary has a con ict of interest: ex. Corporate opportunity: a business opportunity in which the corporation has an interest. Duty of competence: requires directors and of cers to exercise the care, diligence, and skill that a reasonably prudent person would exercise in comparable circumstances, must meet general standard of competence. !2: liability in tort, courts are reluctant to say that a direct is automatically liable just because he commits a.