Torts And Crimes
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Torts
A Tort is a wrongful act done in circumstances involving strict liability, but not involving breach of contract, for which a civil suit can be brought. This act may damage a person physically, personal property, family, reputation, business or social relation ships, or anything the law sees as a legal injury. Torts are mainly done, on purpose but can also be caused involuntarily. The main torts that we see in the banking world are negligence, fraud of deceit, and defamation.
Negligence
Negligence is the most common tort. It is an ingredient of many non-intentional wrongs that one individual suffers because of the nonfeasance, misfeasance or malfeasance of another. Negligence iss based on the assumption that each member of society has a duty to every other member to act as a reasonable person would act under similar circumstances. A tort does not become upon because of negligence; in a court room the plaintiff should had resulting in a loss because of the deferents negligence.
Fraud and Deceit
The most frequently committed tort in business is Fraud. By definition, Fraud is the offense of deliberately deceiving another in order to damage them Ж usually, to obtain property or services from him or her unjustly. In the category of Fraud, the most committed tort is Deceit. An example of this would be the intentional lying in an employment application in order for the person to gain a better position that what deserved. This tort has five essential elements that have to occur before a lawsuit can be made. First of all, false representation of material has to be made by a person knowing that the information is not accurate. Then, the false material has to be presented with the intention that another person should rely on the representation then act upon it. Also the second party has to have justifiable reliance in the truth of the representation and substantial damage caused by the false representation would have to be proved.
Defamation
Defamation is a false published statement that injures an individuals reputation or otherwise exposes him or her to public contempt. By law this is considered a tort that covers both slander, caused by an oral defamatory statement, and libel, which is written defamation. In order to constitute either slander or libel, the defendant must publish the defamatory statement. In other words, the maker of this statement must utter it or bring it to the notice of someone other than the defamed person. However, some defamatory statements are not grounds for a lawsuit. For example the U.S. Supreme Court has ruled that a democratic form of government requires that free speech be strongly protected with respect to statements made about public officials, figures and matters of public concern.
Crimes
Unlike Torts, Crimes are injuries to society at large. In a broad sense, it is defined as an act that violates a political or moral law of any one person or social grouping.
Larceny and Embezzlement
Larceny is the unlawful taking and removing of anothers personal property with the intent of permanently depriving the owner. In circumstances where sufficiently high value is concerned larceny can be considered a felony and would result in a harsher punishment. This crime is often linked with Embezzlement which is the fraudulent appropriation of funds or property entrusted to your care by virtue of employment. Any person being accused of this crime may be convicted and fined up to $5,000, and receive five years in jail, or both if the amount involved exceeds $100.
Bribery
Bribery is the practice of offering a professional or authority person money or other favors in order to get around ethics