MATH 223 Lecture Notes - Lecture 5: Liability Insurance, Primary And Secondary Legislation, No Liability

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Ryerson
LAW 122
MIDTERM EXAM
STUDY GUIDE
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Chapter 1: Risk Management and Sources of Law
Why Study Law?
-As consumers we all need to be aware of the rules that govern commercial
transactions
-Factors affect success and failure in business, primarily for decision making (choices)
-Business decisions have legal consequences
->Negative consequences (dumping pollutants into river)
-> Positive consequences ( decisions to bind contractual party to promise)
-Legal consequences affect profits and losses
->Liability imposed for poor decisions
->Opportunity exploited by good decisions
Risk Management
Risk Management: The process of identifying, evaluating, and responding to the
possibility of harmful events
-There are three steps to risk management:
1.Identification: recognition of legal risks
“can we be held liable for doing something wrong”
2.Evaluation: assessment of legal risks
“what are the chances of something going wrong”
3.Response: Reaction to legal risks
“what are we going to be about it”
Forms of Risk Management
Risk Avoidance: Elimination of the risk
Risk Reduction: Minimization of the risk
Risk Shifting: Make the risk someone else’s problem
Risk Acceptance: Choose to live with the risk
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