LAW 122 Lecture Notes - Lecture 1: Liability Insurance, Property Insurance, Corporate Crime
1 Oct 2017
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Document Summary
Well, as consumers we need to be aware of the rules behind commercial transactions, as employees you may intend to work in the public sector, and as a business laws consequences. In the business world, contracts are a legal concept that allows people to create enforceable promises. When presented with a legal risk, you must identify, evalaute, and respond to it: Identification if you accuse an ex-employee of theft, they may sue for defamation because the statement would cause a reasonable person to think less of her. You are now in the position to make an informed decision, and basic law understanding makes you a better business person. In risk management, every form of behaviour, including doing nothing at all has an associated cost. The goal is not to eliminate risks but manage them. There are 4 basic strategies for risk management that depend upon the circumstances: risk avoidance some risks are so serious they should be avoided altogether.
