Business Notes: Law - Types of Liability

Ways in Which a Company May Become Liable:

·         By breaching a CONTRACT - results in damages being paid if successful

·         By committing a TORT (Civil wrong) - results in damages being paid if successful

·         By breaching a STATUTE - results in damages being paid if the Act creates civil liability or a fine if the Act creates criminal liability

Relationships to Consider

A business has many relationships:

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