Professionals May Have Liability to Their Clients in Tort and Contract,and

question 54

Essay

Professionals may have liability to their clients in tort and contract,and for breach of fiduciary duty.Briefly explain the basis for liability in these categories.

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Definitions:

Dependent Events

Events where the outcome or occurrence of the first affects the outcome or occurrence of the second.

Independent Events

Two or more events where the occurrence of one event does not affect the probability of the other(s).

Mutually Exclusive

Two events that cannot occur at the same time, meaning the occurrence of one event prevents the occurrence of the other.

P(B / A)

The probability of event B occurring given that event A has already occurred, often used in conditional probability and Bayesian statistics.