Elements of the tort of negligence, Financial Accounting

Assignment Help:

Answer both parts of this task. Part (i) is worth a maximum of 5 marks and Part (ii) is worth a maximum of 10 marks.

(i) List the elements of the tort of negligence.

(ii) Enrico is a mature age student who is half way through his Accounting Diploma course. He has let members of his soccer club believe that he is a qualified accountant and financial adviser. One month before the collapse of One-Up, an internet company, Enrico advised club members to buy every One-Up share they could. Neither he nor the members knew that most financial advisers had warned that One-Up was badly managed for some time. Several club members have lost a large sum of money because they followed Enrico's advice.

Explain giving reasons, whether they are likely to succeed in a legal action based on negligent misstatement. What are the implications of the Civil Liability Act (2002) in the area of negligent misstatement? (If there are none, simply state that this area is not specifically covered by the Act.)

 


Related Discussions:- Elements of the tort of negligence

Stock transactions, Brazil Corporation was organized on January 1, 1999. It...

Brazil Corporation was organized on January 1, 1999. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of common stock with a par val

Journalizing, petra corporation purchased P4,000 worth of merchandise on ac...

petra corporation purchased P4,000 worth of merchandise on account terms 2/10, n?30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice.

Cost recovery deduction, On May 15, 2010, Your Corporation acquired an airp...

On May 15, 2010, Your Corporation acquired an airplane (5 year recovery period, 6 year class life) for $1,450,000. Its qualified business use is 54%. Determine the maximum cost rec

A realized gross profit, On December 15, 2011 Risby Sales Co. sold a track ...

On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transact

Rules of intestacy-no spouse and no children, The intestate leaves no spous...

The intestate leaves no spouse and no children The net estate devolves as follows: to his Father; or if dead Mother; or if dead Brothers and sisters, and any child o

Forecast income statements, The forecast income statements are as follows: ...

The forecast income statements are as follows: WORKINGS Sales = 50000 × 1·12 = $56000000 Variable cost of sales = 30000 × 1·12 × 0·85 = $28560000 Fixed cost of sa

Sunk cost and opportunity cost., In the NPV analysis, sunk cost is not rele...

In the NPV analysis, sunk cost is not relevant whereas opportunity cost is for project evaluation. Requirements: Describe and justify the above statement about sunk cost an

Determine the optimum combination of milk and biscuits, 1. Jim buys only mi...

1. Jim buys only milk and biscuits.    (a) In 2004, Jim earns $100, milk costs $2, biscuits cost $4 per dozen. Draw Jim's budget constraint  (b) Now suppose that all prices i

TVM bonds, Focus Company issued a $30,000, 20 year bond with a stated inter...

Focus Company issued a $30,000, 20 year bond with a stated interest rate of 7%. Assume interest payments are made annually. What is the selling price of the bond if the market ra

Written inquiries for financial information, Q. Written inquiries for finan...

Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd