The Need for Tort Reform in the United States Tort law is a type of law that is designed to offer remedies to civil wrongs. Unlike contractual damages that occur‚ where responsibility is predetermined‚ tort law is designed for someone who is legally injured to be able to recover damages from the person who is deemed legally responsible‚ or liable for such injuries. Tort law is broken down into three main categories‚ negligence‚ strict liability‚ and intentional tort. In negligence tort one is accused
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Estimated liabilities are a known obligation that is of an uncertain amount but that can be reasonable estimated. Common examples are employee benefits such as pensions‚ heath care and vacation pay‚ and warranties offered by a seller (Fundamental Accounting Principles‚ Chapter 11‚ Pg 437). When a firm sells products or renders services with a warranty‚ the firms has an obligation towards the customer when the warranty is honored. The warranty liability is an estimate of the obligations. Hence‚ a
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Torts of negligence are breaches of duty that results to injury to another person to whom the duty breached is owed. Like all other torts‚ the requirements for this are duty‚ breach of duty by the defendant‚ causation and injury(Stuhmcke and Corporation.E 2001). However‚ this form of tort differs from intentional tort as regards the manner the duty is breached. In torts of negligence‚ duties are breached by negligence and not by intent. Negligence is conduct that falls below the standard of care
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Torts Exam Notes Intentional Torts Trespass to the Person Battery - directly and intentionally (or negligently) bringing about a harmful or offensive contact with the person of another - the ‘body is inviolate‚ and that any touching of another person‚ however slight may amount to a battery’ - Rixon - doesn’t have to cause harm - Rixon v Starcity Casino - Collins v Wilcock - no requirement of hostility or anger - Wilson v Pringle - In Re F - exception is made
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“Contract law and Tort law are like cheese and biscuits‚ different but complementary” (Holyoak 1983). A contract is an agreement between two parties that is legally enforceable. Contract law outlines the duties and responsibilities to one another‚ what a person can and cannot include in a contract and the remedies for breach of their contractual duties. Elements of a contract are offer‚ acceptance‚ intention to create legal relation‚ consideration‚ capacity of the party to contract and legality
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Ngee Ann Polytechnic School of Business & Accountancy Diplomas in ACC‚ BIT‚ BS‚ BFS & IBZ Business Law LAW OF TORT STUDENTS’ COPY Tutorial Questions Section B: Problem Questions (Use LAC format to answer‚ with supporting cases) 1. Last month‚ Raj bought a pair of Flying Eagle inline skates from his neighbourhood shop. Flying Eagle inline skates are made in a factory in Tampines owned by the Kang Brothers. Unknown to Raj‚ the particular model of inline skates had a manufacturing
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Bank Supervision and Regulation In order for the United States economy to be successful‚ there has to be some kind of regulations in place. If there is a stable and sound financial system in place‚ that will increase the effectiveness of the economy and also increase the effectiveness of monetary policy. The institution that is in charge of supervising and regulating financial institutions is the Federal Reserve. Bank supervision includes things such as monitoring and examining the condition
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INTRODUCTION Determining whether Mr. Fullman has an actionable claim under the Alien Tort Statute (“ATS”) and whether the Fourteenth Circuit has jurisdiction over this matter can be determined by the same answer. If Lansdale can be held liable under the ATS‚ the Fourteenth Circuit has jurisdiction. If suit is barred against Lansdale‚ due to his status as a corporation‚ the Fourteenth Circuit lacks subject-matter jurisdiction and‚ thus‚ the case must be dismissed. The Supreme Court has not determined
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PRUDENTIAL REGULATIONS FOR CORPORATE / COMMERCIAL BANKING (Updated on January 31‚ 2011) BANKING POLICY & REGULATIONS DEPARTMENT STATE BANK OF PAKISTAN Disclaimer: State Bank of Pakistan compiles a booklet of Prudential Regulations from time to time for convenience of users. Updated version of such a booklet containing amendments in the regulations made through circulars/Circular letters to date is being issued. Due care has been taken while incorporating amendments‚ however‚ errors and
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EGT1 Task 309.1.3 Government regulation in business today is vital because it attempts to create a level playing field for companies competing against one another and regulate honest business practices toward the consumers. It is important to for any business to understand how government regulation affects their industry and how they intend to run their company. Industrial regulation is the government regulation of an entire industry. The purpose of industry regulation is for a an entity to watch
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