MGSC30H3 Lecture Notes - Lecture 5: Punitive Damages, Vehicle Insurance, Eggshell Skull
Document Summary
May 30, 2017 lecture 5: torts: negligence. Other duties and liabilities: directors may be subject to securities regulations relating to the sale and trade of stocks and other securities, directors have no specific duties to the public or to society in general. Corporate liability in contract: just as an individual may be legally liable for contracts, so too may a corporation. The only additional issue here is the potential for confusion regarding who is allowed to bind the corporation in contract. The indoor management rule answers this problem. Corporate liability for criminal acts: a corporation may commit a crime if a sufficiently important employee is responsible for it. A policy or prevention efforts might qualify, for example. It is not enough simply to have a rule against the action. R v waterloo mercury sales ltd (1974: corporations can be liable for crimes: fines that are large.
