LAW 142 Lecture Notes - Lecture 1: Public Law, Ultra Vires, Private Law
Document Summary
Business decisions can have negative and positive legal consequences: negative: e. g. dumping pollutants into the environment, positive: e. g. binding contractual party to promise. Legal consequences affect profits and losses: some decisions impose liability, others create opportunity. Knowing law is important for risk management. The process of identifying, evaluating and responding to the possibility of harmful events. Risk can never be eliminated but it can be managed. A law is a rule that can be enforced by a court. All laws are rules, but not all rules are laws: e. g. rule: you must not speak on your phone during class, e. g. la(cid:449): you (cid:373)ust (cid:374)ot steal a (cid:272)lass(cid:373)ate"s perso(cid:374)al (cid:271)elo(cid:374)gi(cid:374)gs. Ethical/moral wrongs are informally sanctioned: e. g. damaged sanctions or reputation. Legal wrongs are formally sanctioned: e. g. paying money or imprisonment. Ethical reasoning is about weighing values and principles. Some laws are the same across canada: e. g. criminal laws and constitutional laws.
