LAW 122 Lecture Notes - Lecture 2: Freedom Charter, Private Law
Document Summary
Important to be aware of certain things to stay out of trouble. Knowledge = power: affects the decision making process. Factors affect success and failure in business: affects decision making, preventive actions. Business decisions have legal consequences: negative impacts dumping pollutants into environment, positive impacts binding contractual party to promise. Legal consequences affect profits and losses: some decisions impose liability, others create opportunities. Risk management: the process identifying, evaluating and responding to the possibility of harmful events. Management perspective: steps of risk management: Seek all risks that can occur from making a decision. Actions that are made to minimize risk or pick option: defamation is the damage of someone"s reputation with the least risk. Someone attacking your reputation without proof (causes harm) Defamation is divided between written and verbal comments. Risk avoidance: some risks are not so threatening thus can be avoided. Risk reduction: lower risks through early precautions.
