LAW 122 Lecture Notes - Lecture 1: Contributory Negligence, Section 33 Of The Canadian Charter Of Rights And Freedoms, Parliamentary Sovereignty

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Why study law: business decisions have legal consequences which affect profit and losses. Law sets the framework for risk; gives you the tools to manage the risk: ex: insurance, incorporation, exclusion clauses etc. Legal education plays critical role in risk management. Which is the process of identifying, evaluating and responding to the possibility of harmful events. Identifying, evaluating and responding to legal risks involved is needed before answering anything. The goal is(cid:374)"t to eli(cid:373)i(cid:374)ate (cid:396)isk, (cid:271)ut to (cid:373)a(cid:374)age it. Risk avoidance: some risks are so serious that they should just be avoided. Risk reduction: some risks can be reduced to an acceptable level through precautions. Risk shifti(cid:374)g: e(cid:448)e(cid:374) if a (cid:396)isk (cid:272)a(cid:374)"t (cid:271)e a(cid:448)oided o(cid:396) (cid:396)edu(cid:272)ed, it (cid:373)a(cid:455) (cid:271)e shifted o(cid:374) a(cid:374)othe(cid:396) pa(cid:396)t(cid:455) Two strategies for this would be insurance and exclusion clauses. Risk acceptance: it is sometimes appropriate to simply accept a risk.

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