The liability of professionals to third parties for negligent misstatement under consumer protection legislation : outflanking the neighbourhood principle

Katter, Norman A. (2007) The liability of professionals to third parties for negligent misstatement under consumer protection legislation : outflanking the neighbourhood principle. Tort Law Review, 15(1), pp. 31-42.

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Abstract

Over the past 40 years, the common law with respect to negligent misstatement has developed control mechanisms to limit the potential ambit of liability of professional advisers. These controls recognise the volatility of words and their ability to cause widespread financial harm leading to an indeterminate liability to third parties. These controls on third party liability have been negated by legislation the fundamental object of which was the protection of consumers or clients against a provider of goods or services in a specific commercial transaction. The result for professionals is to open a Pandora's box of potential indeterminate liability. This article discusses the decision of the High Court of Australia on the liability of accountants and auditors in Travel Compensation Fund v Tambree (t/as R Tambree & Assocs) (2005) 224 CLR 627.

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ID Code: 19432
Item Type: Journal Article
Refereed: Yes
ISSN: 1039-3285
Deposited On: 02 Apr 2009 05:51
Last Modified: 02 Apr 2009 05:51

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