LAW 122 Lecture Notes - Lecture 1: Specific Performance, Royal Assent, Private Law
22 Mar 2018
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Why study law as business students: the goal for businesses is to make money so we need to understand the implications and how to conduct proper risk management. Proper risk management allows the business to reduce potential costs which increases potential profits: every business choice has legal consequences (e. g. patents, ethics, etc. ) Insurance: liability insurance, property insurance: exclusion and limitation clauses: contractual terms that exclude liability for certain types of acts/losses, or that limit the amount of compensation available. Incorporation: (cid:1688)limited liability(cid:1689); directors and shareholders are not usually liable for debts of the company. Was there an acceptance?: deal with one issue at a time, discuss the law relevant to the issue. State it in the abstract without referring to the facts yet: apply the law to the facts. Identify the relevant facts: application = law + fact, drives to your conclusion, which resolves the (cid:1688)issue(cid:1689)
