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The prudent man rule is based on common law stemming from the 1830 Massachusetts court formulation Harvard College v. Amory. [1] The prudent man rule, written by Massachusetts Justice Samuel Putnam (1768–1853), directs trustees "to observe how men of prudence, discretion and intelligence manage their own affairs, not in regard to speculation, but in regard to the permanent disposition of ...
In law, a reasonable person, reasonable man, sometimes referred to situationally, [1] is a hypothetical person whose character and care conduct, under any common set of facts, is decided through reasoning of good practice or policy.
Prudence provides a model of ethically good actions. "The work of art is true and real by its correspondence with the pattern of its prototype in the mind of the artist. In similar fashion, the free activity of man is good by its correspondence with the pattern of prudence." (Josef Pieper) [4]
Harvard College v. Amory 26 Mass (9 Pick) 446 (1830) [1] is a US trusts law case, which repeated the famous formulation of the "prudent man rule", that people in charge of other people's money must exercise due care and skill, and look after the money as if it were their own.
2. In legal terms, the level at which an ordinary, prudent professional with the same training and experience in good standing in a same or similar community would practice under the same or similar circumstances. An "average" standard would not apply because in that case at least half of any group of practitioners would not qualify.
Let diversification, a long-term perspective and prudent financial habits do their job. “We’ve had times of on and off tariffs before, and we have weathered that storm,” Zavarelli says.
The expression has also been incorporated in Canadian patent jurisprudence, notably Beloit v.Valmet Oy [9] in its discussion of the test for obviousness. [10]In Australia, the "Clapham omnibus" expression has inspired the New South Wales and Victorian equivalents, "the man on the Bondi tram" (a now disused tram route in Sydney), [11] "the man on the Bourke Street tram" (), [12] and "the ...
You never know who might be down to their last dollar.