What is meant by duty of care? 2 53* 0 failure of a person to act reasonably. resulting in harm to someone else; 0 degree of care that a person must take to prevent harm to others; 0 legal duty owed by one person to another based on a relationship or on the doctrine of forseeability 0 None of the above What is meant by breach of contract? 2 55* O something of value given up by each party to a contract 0 failure to fulfill contractual obligations O drafting ambigous terms in an agreement 0 None of the above Why is standard form contracts an efficient means of conducting business? 2 0 Save time. reduce costs. good results in court 0 produce standard results in court. helps plan for potential adverse results. excellent models. save time. reduce costs 0 costly. time consuming. standard results in court. bad models 0 None of the above