MGT393H5 Lecture Notes - Lecture 1: Liability Insurance, Market Risk, Product Liability
Document Summary
Note for chapter 1 and 2 focus on classroom coverage. Why study law? can effect success and failure in business impacts decisions made by businesses choice of location, product, marketing, etc. Protect business ideas and other business property legal consequences affect profits and losses liability imposed for poor decisions. Opportunities exploited by good decisions part of risk management and advice we as managers provide businesses must manage legal risks. Risk shifting: make the risk someone else"s problem. Buy liability insurance for losses caused by danger. Risk acceptance: choose to live with the risk. Law is dynamic illustration(s) consider . pornography, drunken parties [host] etc. Ways to categorize law (discussed in class; mss example on classroom blackboard) Constitution includes the charter of rights and freedoms. Federalism division of powers ultra vires. Statutes (e. g. rso; rsc etc) see page 5. Common law integrate courts of equity. Important understand the interrelationship between the various sources.
