Class Notes (835,928)
Canada (509,506)
LAW 122 (825)
Stan Benda (62)
Lecture

LAW122 Lecture 1

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Department
Law and Business
Course
LAW 122
Professor
Stan Benda
Semester
Spring

Description
LAW122 Lecture 1Risk Management Process o StepsIdentificationEvaluationResponse o FormsRisk avoidance eliminate riskRisk reduction minimize riskRisk shifting delegate riskRisk acceptance accept tisk o ExamplesInsuranceLiability or propertyExclusion and limitation clausesContractual terms or limited compensationIncorporationlimited liabilityShareholders would not be liable for the companys debts The Nature of Law o Laws are rules that can be enforced in courtRules and lawsMorality and law Legal Jurisdictions o Jurisdiction geographical areas that share the same set of laws o Two types of legal systemsCivil law jurisdictionOriginated in Ancient RomeItaly Germany FranceCommon law jurisdictionOriginated in EnglandUK US Canada
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