Topic
Business Tort Liability
Instructions
You may be familiar with personal torts such as negligence; however, business torts are different as they are being committed not against the person but rather against its intangible assets. Think about what this means and how each aspect of your work might result in a business tort being committed.
Assignment Steps
Resources: Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues: Ch. 5, Ch. 6 and Ch. 7; Legal Source database located in the Week 3 Electronic Reserve Readings.
Scenario: In the midst of the ongoing rhetoric and movement to achieve Tort Reform, business tort liability must be acknowledged and planned for as a reality. As the manager of legal risk and corporate governance for a major multi-national pharmaceutical corporation, the board of directors has commissioned you to work alongside your CEO and General Counsel to prepare a report regarding this liability and the exposure it creates for the organization.
Create a maximum 1,050-word report, excluding title and reference pages.
Address the following in the report:
- Evaluate the impact of business tort liability on the pharmaceutical industry in general.
- Determine the growth of business tort liability in the pharmaceutical industry and discuss where and why tort reform is needed.
- Assess the impact of business tort liability on corporate liability under the Alien Tort Statute.
- Explain how business tort liability can be reduced through the implementation of the risk management process.
- Analyze how business tort liability can escalate to criminal liability.
Cite a minimum of two references for the five content areas taken from a business or legal resource. One reference must be from the University Library.
Format your paper consistent with APA guidelines.
Answer preview
Business tort liability refers to the legal obligation of a party to a victim because of an
injury or civil wrong. Business tort always requires some of remedy from the judicial system
especially the courts because it rises from the violation of a person’s right and transgression of
public obligation causing damage. The role of business tort liability system is to deter people for
injuring each other thus is an important class of tort. This is because it has been voiced by
experts that large settlements always arises form medical malpractice litigations. In general
pharmaceutical industry comprises of different business models that cove all or parts of the
pharmaceutical product life cycles.
Word count: 1149