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European Countries with High Debt Levels and Tort Law Concepts - Prof. Lonnie Phelps, Study notes of Introduction to Business Management

The three european countries with the highest debt levels: greece, ireland, and portugal. It also introduces the concept of tort law, focusing on consumer injuries caused by companies' products and the resulting damages. Examples of tort cases include mcdonald's hot coffee and atv accidents. The document further explains the difference between compensatory and punitive damages.

Typology: Study notes

2010/2011

Uploaded on 05/10/2011

wrodriguez2192
wrodriguez2192 🇺🇸

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Greece, Ireland, and Portugal are the three countries that are in the most debt in Europe.
Assets + liability = equity
Population of the U.S. is 300 million+
California is a bankrupt state
Tort- when a consumer is injured by a companies’ product.
oMcDonald’s coffee too hot
oATV accidents
oCompensatory Damages- company paying you back for all of your injuries
When injuries keep your from doing what you were going to do
Promising athlete
oPunitive Damages- “sticking it” to the big companies. You get more money because they
want to punish the big corporations.
Shortage of black pigment for paint
In the last 25 years there has been a big shift in logistics—shipment
o

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 Greece, Ireland, and Portugal are the three countries that are in the most debt in Europe.  Assets + liability = equity  Population of the U.S. is 300 million+  California is a bankrupt state  Tort- when a consumer is injured by a companies’ product. o McDonald’s coffee too hot o ATV accidents o Compensatory Damages- company paying you back for all of your injuries  When injuries keep your from doing what you were going to do  Promising athlete o Punitive Damages- “sticking it” to the big companies. You get more money because they want to punish the big corporations.  Shortage of black pigment for paint  In the last 25 years there has been a big shift in logistics—shipment o