LAW 122 Lecture Notes - Lecture 1: Primary And Secondary Legislation, Section 33 Of The Canadian Charter Of Rights And Freedoms, Common Law
2 Mar 2017
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Document Summary
Is the process of identifying, evaluating, and responding to the possibility of harmful events. Various factors affect success and failure in business; decision-making: e. g. location choice, product marketing. Legal factors affect profits and losses; liabilities/opportunities. Business decisions have legal consequences; negative: e. g. dumping pollutants into environments, positive: e. g. binding contractual party to promise. Identify who is liable and why; evaluate probability of risk; respond manage risk. Law fixes, liability, determines when and how much liability/damages, considers whether you mitigated or managed property. Risk avoidance is the elimination of hazards, activities and exposures that can negatively affect an organization"s assets. Risk reduction measures to reduce the frequency or severity of losses, also known a loss control. Risk shifting occurs if managers make overly risky investment decisions that maximise shareholder value at the expense of debtholders" interests. A set of principals and rules that courts will enforce. A way of thinking (or reasoning) about these principles and rules.
