Class Notes (835,539)
Canada (509,225)
MGSC30H3 (54)
Jeff Rybak (18)
Lecture

Ch 1.docx

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Department
Management (MGS)
Course
MGSC30H3
Professor
Jeff Rybak
Semester
Summer

Description
Ch 1: Risk Management and Sources of Law Why Study Law? RISK MANAGEMENT- the process of identifying, evaluating, and responding to the possibility of harmful events.  Risk Avoidance  Risk Reduction  Risk Shifting o Insurance- a contract in which one party agrees, in exchange for a price, to pay a certain amount of money if another party suffers a loss  Liability Insurance- provides a benefit if the purchaser is held liable for doing something wrong  Property Insurance- provides a benefit if the purchaser’s property is damaged, lost or destroyed o Exclusion and limitation clauses- contractual term that changes the usual rules of liability.  May attempt to exclude all risk of liability, or it may exclude liability for certain types of acts or certain types of losses, or it may limit the amount of compensation hat is available. o Incorporation The benefit of incorporating is limited liability.  Risk Acceptance An Introduction to the Legal System THE NATURE OF LAW  Law- a rule that can be enforced by the courts A MAP OF THE LAW  Civil Law systems- trace their history to ancient Rome  Jurisdiction- a geographical area that uses the same set of laws  Common Law system – trace their history to England  Quebec laws are different from the rest of Canada asides of criminal and constitutional laws. Public Law  Public Law- concerned with governments and the ways in which they deal with their citizens o Includes:  Constitutional Law- provides the basic rules of our political and legal systems  Administrative Law- concerned with the creation and operation of administrative agencies and tribunals  Criminal Law- deals with offence against the state  I.e. white-collar crimes, corporate crime  Tax Law- concerned with the rules that are used to collect money for the purposes of public spending. Private Law  Private Law- concerned with the rules that apply in private matters. o 3 main parts:  Law of torts  Torts- a private wrong  Intentional Tortsassault, false imprisonment  Business Torts deceit, conspiracy  Negligence covers most situations in which one person carelessly hurts another.  Law of contracts- concerned with the acquisition, use, and disposition of property  Sales of goods, use of negotiable instruments (cheques), real estate transactions, operation of corporations, employment relationship  Law of property- concerned with the acquisition, use, and disposition of property  3 main parts  Real property land and things attached to it  Personal property involve things that can be moved from one place to another  Intellectual property things that consist of original ideas (patent and copyrights)  Laws that deal with all types of properties 1. Law of succession  distribution of a person’s property after death 2. Law of trusts deal with a situation in which one person holds property on behalf of another Overlap  Different area of laws could overlap. SOURCES OF LAW  3 sources of law: o The Constitution o Legislation o The courts The Constitution- the document that creates the basic rules for Canadian society, including its political and legal systems o All other laws must be compatible with it. o Constitution is very difficult to change. Division of Power  Federal 2 levels of gov. o Parliament of Canada (Ottawa) 2 parts  House of Commons member of Parliament (MPs), elected from every province and territory  Senate senators, who are appointed to those jobs o Head of State: Queen of England o Reality: ruler is the political party with the most MPs leader : prime minister o Provincial and territorial:  Legislative Assembly (aka. Legislative) leader is premier  Represent within the province or territory  Sections 91 and 92 of the Constitution establish:  Division of Powers- states the areas in which each level of gov. can create laws  Residual Power- gives the federal gov. authority over everything that is not specifically mentioned  Doctrine of federal paramountcy- determines which law is pre-eminent based on the Constitution’s division o f powers. Charter of Rights and Freedoms protect basic rights and freedoms  Democratic rights (Sections 3-5)  Legal rights that usually arise in criminal cases (Sec. 8-14)  Official languages and minority language education (Sec. 16- 23)  Aboriginal and multiculturalism (Sections 25-27)  3 fundamentals: for individuals and businesses o Fundamental Freedoms: 2 Everyone has the following fundamental freedoms: a) freedom of conscience and reli
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