Untitled Flashcards Set

What is the definition of Tort Law?

A wrongful act against a person or property of another.

What is the key difference between Tort Law and Criminal Law?

Tort involves wrongdoing between individuals, while crime involves public wrongdoing between government and individuals.

What are the two types of liability in Tort Law?

Strict Liability and Vicarious Liability.

What does Strict Liability involve?

Inherently dangerous activities where entities are liable regardless of precautions.

What are Intentional Torts?

Torts committed on purpose with intention to cause harm, such as assault, battery, defamation, and trespass.

What are the two main types of defamation?

Libel (written defamation) and Slander (spoken defamation).

What are the elements required to prove negligence?

Duty of care owed, breach of this duty, causation of injury, and foreseeable damages.

What is the Thin Skull Rule?

A defendant is liable even if the injury severity is unexpected due to a pre-existing condition.

What is the primary duty of professionals under Professional Liability?

To adhere to a standard of care relevant to their profession.

What does 'Duty to Accommodate' in Human Rights refer to?

Employers must accommodate employees unless it causes undue hardship.

What is a Unilateral Contract?

A contract where only one party makes a promise and acceptance occurs through performance.

What are the key components of a valid contract?

Intent, Legality, Capacity, Consideration, Acceptance, and Offer.

What is the importance of consideration in contracts?

Consideration refers to something of value exchanged between parties and is essential for a contract to be binding.

What is the primary characteristic of Independent Contractors compared to Employees?

Independent contractors control their own working hours and may work for multiple clients.

What does the term 'Vicarious Liability' mean?

A principal can be held liable for the torts committed by their agent within the scope of their authority.

What is the role of the Audit Committee in corporate governance?

To review public disclosures of financial documents and procedures for accounting complaints and whistleblowers.

What is the consequence of insider trading in corporate governance?

Severe penalties and potential criminal liability.

What is meant by Capacity to Contract?

Parties must have the legal ability to contract; individuals without capacity include minors and mentally incompetent persons.