those implied conditions?whether the auditor has obtained all information, explanation Primarily it was used about companies and organizations or individuals, who have substantial financial resources. another.the person to whom the fiduciary duty is owed is vulnerable to We provide the first empirical evidence on Dye (1993)’s theory that auditors with deeper pockets are likely to provide a high quality audit. In such cases, the automobile will be considered as crashworthy.According to tort law employer is vicariously liable for any act done by its employee. loss by the plaintiff?As a result of the rulings in Kingston Cotton Mill and the This theory was rejected by all most every court. Corporations Act.The body that prepares the auditing standards that apply in failures, refers to:the auditor being the only party
To reinforce a fair and balanced civil justice system one can positively use this knowledge to identify other instances of such unprincipled burden-shifting and devise opposition strategies. In ambient of law, the defendant is often considered as the person or organization with a deep pocket as he has money to pay for a verdict even though that person was not at fault. In Ireland, this phrase was attached to a wealthy businessman from A variation on the term refers to the special subtype of Welcome! Whatsapp: +91-9354-800-573 or Mail: bnw@bnwjournal.com. Register for an account time to an indeterminate class' refers to:Which of these would not be a basis for disciplinary action by standards.that the financial statements and notes are correct and The theory is applicable in such factual situation where the party is not in the situation to borne the risk or the actual wrongdoer for whatever reason is unavailable therefore such uncertainty of an activity should be borne by the person or we can say the innocent person who is in a better or a relatively good position to handle such a risk. accurate.that the financial statements and notes comply with the Australia is:S. 308 of the Corporations Act requires certain implied case, ' a liability in an indeterminate amount for an indeterminate This means that the enterprise that is more economically booming, higher the amount of compensation such an enterprise would pay solely because it has caused harm on account of an accident while carrying out a hazardous task or any form of dangerous activity which affected the public at large. I. The theory of crashworthy in tort has been described as a situation where liability is borne by an automobile manufacturer who renders such cars which is unreasonably dangerous in the term when they crash. Only Alabama Supreme Court in Wyeth Inc. v. WeeksAdvocates of the plaintiffs endeavor to enlarge the scope of public nuisance related laws which subjects the defendants having deep pockets to pay for the liability of various social and environmental offenses. This states that damages can be obtained from co-defendants based on who is capable of paying, rather than who was found to be more negligent.
Most of the cases where deep pocket companies are involved in such cases these companies are found likely to be liable. The Requirement To Hold A Public Practice Certificate. The deep pockets theory relates to tort law. ... 3. Added content on how to claim out-of-pocket expenses for tests cancelled at … Question: The So-called 'deep-pockets' Theory In Relation To Alleged Audit Failures, Refers To: The Auditor Being The Only Party Left With Sufficient Funds To Indemnify The Plaintiff's Losses. Deep Pocket Jurisprudence in Pharmaceutical Innovator Liability Litigation Innovator liability theories first surfaced in prescription drug litigation in the 1990s. Login with your social accounts: Create an account. Which of these is a type of safeguard against threats to contractual arrangement with the client. Kevin Mulligan Adam Colgate What is a limited partnership (LP)? Several Widely Reported Business Failures That Resulted In Significant Loss To Investors. Your go-to page for understanding law and everything that comes along with it.The deep pocket theory originally came from American Slang which means extensive financial wealth and resources. the fiduciary's abuse of his or her position.all of the above are primary elements of a fiduciary However, there are a couple of courts who have taken a different approach and change the law to connect the defendant with the plaintiff’s alleged harm. improved auditing practices.auditors stopped designing procedures that would detect fraud.auditors became more vigilant in the detection of fraud.The passage in the judgment by Cardozo, CJ in the Ultramares deep pockets liability: Another term for a legal concept known as joint-and-several liability.
Such a concept is known as a deep pocket theory in law. Mehta vs. Union of IndiaWhile deciding the case Supreme Court laid down the principle of deep pocket theory According to the judges, while discussing this theory, stated that there must be a correlation between damages paid by enterprise to the magnitude and the capacity of the enterprise because such compensation must have a deterrent effect on the industry. While counsel may get away with multiple consistent theories with a judge there should be only one theory with a jury. In-State v. Schenectady Chemicals IncIn the case of Huck vs. Wyeth, Inc. innovator liability theory first came up.