duty of care

  

Definition

The responsibility or the legal obligation of a person or organization to avoid acts or omissions (which can be reasonably foreseen) to be likely to cause harm to others.

Duty of care is owed by an accountant in correctly preparing a company's accounts, by an auditor in confirming an company's financial statements correctly present its financial position; by a director to shareholders in husbanding the enterprise's resources; by a manufacturer to consumers for the safety of product; and by every party to a contract to the other contracting parties. See also standard of care.

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