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Duty of Care, Term Paper Example

Pages: 2

Words: 527

Term Paper

Duty of care is implied in legal contracts as an obligation of one party towards another to fulfill their responsibilities without imposing any foreseeable harm.  In ascertaining whether or not Young &Brobeck LLP owe a duty of care to the Bank of Stars, it is important to consider the idea of reasonable care.  If it can be shown that they did, in fact, provide a reasonable amount of care in the situation, then it can be said that they have fulfilled this obligation.  Furthermore, the question of whether or not any harm that was caused was foreseeable at the time that the contract was undertaken is important to consider as well.  If Young &Brobeck acted in a way that can be considered to have fulfilled this obligation to the Bank of Stars then their culpability in the matter can be established.  This culpability will be essentially established in regards to the connection that the accountant that presented the loan document had to the agreement that his firm had with the bank.  This agreement presents an underlying relationship that should be considered in regards to the duty of care that can be established.

The manager at Young &Brobeck had signed off on the audit that allowed the overstated income and assets report submitted by Sensor Circuit to be processed through and the loan that inevitably bankrupted them was then established.  The negligence of the manager in this situation should, therefore, be considered and the susceptibility of this negligence in its connection to Young &Brobeck should provide insight into the capacity of their company to have given a duty of care in this situation.  According to established duties of care in regards to accounting measures that can have a potential impact on private or public interests should act in accordance with specific professional and moral conduct.  In this sense, the accountant owes a duty of care to not only the organization that they work for, but also those that are affected by the decisions that they make.  In this sense, the mistake that the accountant that works for Young &Brobeckalso applies to those that were affected by the accounting decisions that were made.

In making a decision regarding the capability of Sensor Circuit to pay back a loan that would be offered by the Bank of Stars the accountant had the obligation of care in representing this amount accurately.  The culpability of the accountant therefore establishes the underlying capability to find Young &Brobeck legally accountable for the mistake, due to the fact that they were in their employ at the time.  In establishing the basic responsibility of the manager in providing an accurate assessment of the holdings that Sensor Circuit had at the time that the loan was given, it becomes apparent that there was, in fact, a duty of care present in the responsibly that Young &Brobeck had towards the Star Bank in this situation.  This can be established in regards to the underlying obligations that Young &Brobeck had towards the bank in examining the ability of Sensor Circuit to repay their loan obligations.  If the manager had performed their duty correctly, then the event could have been reasonably avoided.

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