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Published online by Cambridge University Press: 03 December 2009
General Law
The supply of services, such as giving advice, whether on an ad hoc or discretionary or non-discretionary basis, is subject to a duty of reasonable care as a matter or contract, tort and statute:
it was … within the scope of the defendant bank's business to advise on all financial matters and … there is a duty to the plaintiff to advise him with reasonable care and skill.
the liability of stockbrokers … did not di.er from commodity brokers: … in contract … stockbrokers are liable for failing to use that skill and diligence which a reasonably competent and careful stockbroker would exercise … [T]he principle in Hedley Byrne & Co Limited v. Heller. … would apply were there no contract and were a stockbroker negligently to give advice … [A] broker cannot always be right in the advice that he gives in relation to so wayward and rapidly changing a market as the commodity futures market. An error of judgement … is not necessarily negligent … even if he advised … [on] the transaction which produced the loss.
In a contract for the supply of a service where the supplier is acting in the course of a business, there is an implied term that the supplier will carry out the service with reasonable care and skill.…
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