LAW 122 Lecture Notes - Lecture 1: Liability Insurance, Alternative Dispute Resolution, Market Risk
13 Feb 2018
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Document Summary
Introduction to law and the canadian legal system. There are many factors affecting success and failure in business, and they are often a function of decision-making abilities: the choice of location, product, marketing, etc. Business decisions have legal consequences negative consequences e. g. decision to dump pollutants into environment could result in liability for damage caused positive consequences e. g. decision to bind contractual party to promise could ensure that promises will be kept. Legal consequences very often have a direct effect on profits and losses liability may be imposed for poor decisions opportunities can be exploited by good decisions. The challenge is to know how to successfully manage those risks. It has discovered a design defect that creates a risk that one or more widgets may cause property damage. Briefly explain how the company could manage that risk by shifting it. Identify a potential cost of shifting the risk. Risk management often has both a front end and a back end.
