LAW 122 Lecture 1: LAW 1
4 Oct 2017
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Document Summary
Factors affect success and failure in business. Risk management: process of identifying, evaluating, and responding to the possibility. Three steps to risk management: of harmful events. Identification: recognition of legal risks. a: evaluation: assessment of legal risks, response: reaction to legal risks. What are we going to do about it? a. a. Exclusion and limitation clauses. limit the amount of compensation available. Limited liability : directors and shareholders are not usually liable for debts of. Employees, directors and officers may still be held personally liable for the torts the company. they commit. What is the difference between law and ethics? (page 6). A: most will say i was obligated, specially since it would have been safe. Is this a moral/ethical obligation or a legal one. and easy for me. Ex: rules against how to handle a soccer ball is not law. Ex: loss of friendships or damaged reputation. Laws=rules that can be enforced by courts.
