BU231 Chapter Notes - Chapter 5: Fiduciary, Intentional Tort, Financial Statement
Document Summary
What is a professional: people who have specialized knowledge and skills that are relied upon by clients and others. Usually belong to professional organization and are licensed to offer their services to the public. There are 3 ways law imposes legal liability on professionals: Particular facts and the elements of cause of action, limitation periods, and type of damage will determine which is best: contract, fiduciary duty, tort. Limitation period: every lawsuit has an expiry date to start lawsuit. Meanwhile in a tort the 2- year limit doesn"t start until you know the damage. Agreement to provide professional services to a client contains a promise, where stated expressly or not, to perform those services competently. A breech in that promise is a breech in the contract. Fiduciary duty: a duty imposed on a person who stands in a special relation of trust and loyalty to another.
