LAW 122 Study Guide - Royal Assent, Section 33 Of The Canadian Charter Of Rights And Freedoms, Settlor
22 Jan 2014
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Document Summary
Ch 1 - risk management and sources of law. There are various reasons why to study law depending on who you are, and what you need it for. Factors can affect success and failure in business- primarily decision-making abilities. Business decisions have legal consequences, which affect profit and losses (liability imposed for poor decisions/opportunities exploited by good decisions). A contract is a legal concept that allows people to create enforceable promises. Risk management: is the process of identifying, evaluating, and responding to the possibility of harmful events. In risk management you go through these steps: Identification- liability is a concern when identifying, because you can be held legally responsible. Response- you need to formulate a response, with the options you have and then you are in a position to make an informed decision. Many goals of businesses are to not necessarily eliminate risk but to manage them. Risk avoidance- some risks should just be avoided altogether.
