LAW 122 Lecture Notes - Lecture 1: Equal Protection Clause, Section 33 Of The Canadian Charter Of Rights And Freedoms, Primary And Secondary Legislation
16 Oct 2016
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Is the process of identifying, evaluating and responding to the possibility of harmful events: three types of risks, risk avoidance: where you avoid the risk altogether as they are too serious or risky, ex. Not sending an automobile into market because it explodes all the time and people will die: risk reduction : where risks can be reduced to an acceptable level through precautions. A bank lending out loans while also having a contract for collateral if loan cannot be paid: risk shifting : where the risk is shifted onto another party. Like a contract made by a business man saying that all deaths associated with his product or not his liability: risk acceptance: where it is just appropriate to accept the risk ex. The risk is that the ball might fly and break a window but the likely hood of such is small.
