Explain the Doctrine of Res Ipsa Loquitur

question 23

Essay

Explain the doctrine of res ipsa loquitur.What is required to invoke the doctrine and what is the result of its successful use?

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Definitions:

Contractual Obligation

A legal requirement that a party must adhere to as stipulated in a contract, enforceable by law.

Money Expenditures

The total amount of money spent by individuals, firms, or governments on goods and services within a specific period.

Implicit Costs

The opportunity costs that arise from using resources that could have been employed in an alternative use, not directly paid in a financial form.

Normal Profit

The minimum profit necessary for a company to remain in business, equal to the opportunity cost of capital and entrepreneurial effort not invested elsewhere.