Foundations of Business Law Assignment Example | Topics and Well Written Essays - 1250 words

Foundations of Business Law - Assignment Example Although George decides not to go with the suggestion, Kosmo invests a large sum of his profit in the Facebook shares. A month after the release of Facebook shares their value has reduced by 50%. In discovering this, Kosmo becomes really agitated and decides to go and talk to Gerry. As he burst out of the building he slams the door on the face of Newman, his neighbour who was also rushing in. As a result Newman is injured and will not be able to participate to the Adelaide Petanque Club Championship, which he has won for the past 3 years, also earning $40Â  000 cash prize each time. Question 1 Kosmo wants to know what kind of legal action, if any, he might have against Gerry. Gerry, a financial advisor in Tom & Gerry Limited advised George to buy shares in Facebook. In advising George on buying Facebook shares, Gerry acted on behalf of Tom & Gerry Ltd as his financial adviser. Since Gerry was working on behalf of Tom & Gerry Limited, it must be seen whether Tom & Gerry Limited would be liable on the principles of vicarious liability. The principle of vicarious liability states that the Employee shall be liable to compensate the Plaintiff, for any tortuous conduct by the employee committed in the course of the employee’s duties. In determining what is in the course of employment, a broad approach should be adopted in assessing the scope of employment. The closeness of the act to the scope of employment is the determining factor in this regard (House of Lords, 2001). The act of advising on investment options is closely related to Gerry’s role as a financial advisor. Therefore, on the principles of vicarious liability, it can be safely Tom & Gerry Limited would be liable for any tortuous act committed by Gerry in the course of his duties (House of Lords, 2001). Therefore, given that it is the company that is liable for the tortuous conduct of those acting with authority on its behalf, there is no cause of action against Gerry. The cause of action, i f any may lie against Tom & Gerry Limited. However, in the absence of additional facts, the mere fact that the stock price of Facebook collapsed after the purchase is no ground to sustain a claim for negligence against the Company. Without commenting on whether the act amounted to negligence, it must be determined whether the company owed any duty of care to Kosmo who invested in the shares of Facebook on the basis of such advice and suffered a loss on such investment. For imposing a duty of care there must be proximity of relationship between the plaintiff and the Defendant and nature of the harm caused must be foreseeable. Pertinently, the advice was given to George and not to Kosmo. Kosmo acted upon it without the knowledge of Gerry. Given that there was no proximity of relationship between Gerry and Kosmo, it follows that the reliance by Cosmo on such advice was not foreseeable by Tom & Gerry Limited. The facts of this case are similar to the decision of the House of Lords in Ca paro v Hickman (Jovis, 1990). It was held that an auditor who negligently issues misstatements in financial reports is not liable to outside investors who were not intended recipients of the report. Similar observations are found in the speech of Lord Denning, when he observed that for imposing a duty of care and skill, the relationship must be such where the advisor (in that case the accountant) is aware of the person for whom and purpose for which the advise would be used (Wikipedia, 1951) The

Sodium Chloride An Important Compound Essay Example | Topics and Well Written Essays - 500 words

Sodium Chloride An Important Compound - Essay Example Moreover, it is also found in the ancient bedrock all over the planet in the form of thick layers in places where water bodies used to exist in the form of salt lakes and seas, all of which have evaporated millions of years ago. About 4,700 years ago, the Chinese Png-tzao-kan-mu, one of the earliest known writings, recorded more than 40 types of salt. Ancient civilizations have used salt as one of the vital supplements in diet, with archaeological evidence of Iron Age salt-making largely based upon the discovery of remnants of coarse pottery vessels and supporting pillars recognized as being connected with salt-making and known as briquettage. In Britain, lead salt pans were used by the Romans at Middlewich, Nantwich and Northwich and excavations at Middlewich and Nantwich have revealed extensive salt-making settlements. Moreover, writings on salt no doubt also existed on the clay tablets of Ancient Babylon and on Egyptian papyri. Even without written evidence we can be fairly certain that salt-making and use was a feature of life in all ancient communities. Considering it's chemical and physical properties, Sodium Chloride is usually found as a clear or whit