Management and Organizational Studies 2275A/B Chapter Notes - Chapter 22, 23, 24, 26, 27: Fraudulent Conveyance, Consumer Debt, Trade Credit

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

It is important for businesspeople to understand the relationship between professionals and business so they can effectively use professional services, develop realistic expectations of professional services, and manage the risks involved. If rules are violated, there is a risk of disciplinary action by the governing professional body. Responsibilities of professionals to clients and others who rely on their work. Professionals owe a range of responsibilities to their clients that can be grouped into three categories: contractual duties, tort duties, fiduciary duties. In practice, contractual terms are often presented by the professionals, clients may be unaware of when a retainer will be required. General responsibility: negligence is most common- the professional must perform services in accordance with the standards of a reasonably competent member of that profession. How professionals manage risk exposure arising from their responsibilities has a direct impact on the businesses that hire them.