Contingent liabilities are possible future liabilities that will only become certain on the occurrence of some future events. A contingent liability is less certain than a provision‚ the latter is expected to recognize; however‚ a contingent liability might occur. An entity shall not recognize a contingent liability; nevertheless‚ the company should disclose it‚ as required by paragraph 86‚ unless the possibility of an outflow of resources embodying economic benefits is remote. Where an entity
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Tort Law and Cases: A Comparison of Two Cases and Their Potential Frivolity8/22/2010 | Introduction “A tort is a civil wrong resulting in injury to a person or property”; that is brought before a court to compensate the injured party (Bagley & Savage‚ 2010‚ pg 251). In order to prove an intentional tort‚ the following conditions must be met: 1) Intent 2) Voluntary act by the defendant 3) Causation 4) Injury or Harm. The following tort cases‚ Pearson v. Chung and Liebeck
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lawsuits and litigation from everyone suing everyone else‚ one must ask the question "where does product liability end and consumer responsibility begin?" This question has been further complicated by occurrences that stretch to the most far-reaching ends of this spectrum‚ the spectrum ranging from strict product liability of the company to complete consumer responsibility. On the strict product liability of the company side‚ we have the cigarette industry where the CEOs of the largest cigarette companies
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Police Negligence and Liability 1 Running Head: Police Neglect/Liability Police Negligence and Liability Police Negligence and Liability 2 Abstract The purpose of this paper is to examine factors involved in police negligence and the extent of liability the officers hold. Are police officers held accountable for their misjudgments or reckless behavior when they are at fault? This paper exams relevant cases in which police officers have been
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Professional Regulation and Criminal Liability Many natures of complaints occur throughout the health care workforce. Because of the dramatic changes in how health care is delivered over the past few years‚ consumer concerns about liability issues have increased. Patients put their physical health and trust in the hands of health care providers daily. Unfortunately‚ there have been periods when the treatment provided‚ has been accidental or intentional and caused physician harm to the patient.
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Task1 What kind of liability do you think Ton should bear in Scenario 1? Contrast liability in tort with contractual liability Contrast liability in tort with contractual liability. There are three differences between liability and contractual liability: A. The difference of base. Contractual liability means that due to the breach of duty‚ contractual collateral obligation of contract or violates the "contract law" provisions of the obligations. Finding out a contractual liability has to be in terms
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LIABILITIES OF THE DIRECTORS By: Course: Instructor: University‚ City‚ State: Date: LIABILITIES OF THE DIRECTORS A company is usually established by individuals or Directors (officers included) in this case so as to run it in appropriate manner in order to make maximum profits. For this to happen‚ it is for the company (Pandora Diamonds and Gems Pty Ltd in our case) to enter or make contracts with outsiders like Kaplan Bank Ltd and Space Solutions Pty
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Tort reform refers to the proposed changes in the common law civil justice systems that would reduce tort litigation and/or damages. Tort liability imposes significant cost on society. In 1991‚ US has spent a total of $131.6 billion on tort litigation‚ which is approximately 2.3% of the gross domestic product (GDP)1 Studies have shown that the citizens pay a tort tax of $1200 per individual or nearly $5000 for a family of four. 2 Today‚ tort reform is a contentious political issue and its advocates
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his mining activities. Dana sues John for trespass to land. 1) John claims that he is not liable for trespass to land because he did not conduct any activity that is above ground on Dana’s land. Based on the courseware and your own knowledge of tort law‚ explain why John is correct or incorrect. There is no need to cite any cases for this question. 2) John next claims that he is not liable for trespass to land because he did not intentionally mine under Dana’s land. Please find and cite a single
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Chapter 12 Torts The Basis of Tort 1. The Purpose of Tort Law a. Damages Available in Tort Actions Compensatory damages (including special damages and general damages) : compensate or reimburse the plaintiff for actual losses Special damages: compensate the plaintiff for quantifiable monetary losses. General damages: compensate individuals (not companies) for the nonmonetary aspects of the harm suffered‚ such as pain and suffering. b. Punitive Damages: Only when the defendant’s conduct was particularly
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