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:

Financing Obsolescence

refers to the financial challenge of assets losing value over time due to technological advancements or changes in market demand.

Credit Period

The duration of time that a buyer is allowed to pay for a credit purchase.

Credit Sales

Sales of goods or services that are paid for later, rather than at the time of purchase, building a receivable account on the seller's balance sheet.

Receivables

Amounts due from customers to a company for goods delivered or services rendered, awaiting payment.