List and discuss the elements necessary to establish negligence
For there to be a successful lawsuit for negligence, five elements must be established: duty of due care, breach, factual cause, proximate cause, and damages. Duty is the responsibility to use reasonable care not to injure others around you. If the defendant could foresee that his misconduct would injure a certain person, he has a duty to that person. Normally, there is no duty to avoid the injury of others through nonconduct, unless there is a special relationship. Breach is conduct that fails to meet the standard of reasonable care imposed if there is a duty to the injured party. Factual cause requires that the defendant's conduct, at least in part, actually caused the injury. Proximate cause requires that the risk of harm was reasonably foreseeable and not so remote or bizarre that a reasonable person would never have expected it to happen. And finally, Damages: the plaintiff must have actually been hurt or has actually suffered a measurable loss. The injury must be genuine, not speculative.
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The disclosure of accounting policies
a. may describe policies that are peculiar to the reporting company's industry. b. should not appear in the notes to the financial statements. c. should not describe unusual or innovative applications of GAAP. d. is encouraged but not required.
A joint venture is an agreement between two or more independent businesses to cooperate on a particular project only
Indicate whether the statement is true or false
Regarding the international payments process, which statement is true?
a. In international trade, money will flow from the country with the strongest currency to that of the weakest. b. The World Bank monitors the trade of its members to insure that money is flowing properly between the various countries. c. The World Bank monitors the national banks of its members to insure that money is flowing properly between the various countries. d. By international law, international trade must involve money flowing between two countries. e. Money does not actually have to flow between two countries.
The sale of shares in a closed corporation is similar to the sale of a sole proprietorship because:
a. the shares are traded on the open market b. numerous shareholders make transfers difficult c. there is limited life in such corporations d. government approval is necessary for a transfer e. none of the other choices