LAW 122 Lecture Notes - Alternative Dispute Resolution, Professional Liability Insurance, Small Claims Court
17 Apr 2014
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Document Summary
Chapter 1: risk management and sources of law. Why study law? risk management (know the rights/rules) Factors affect success and failure in business decision-making: eg location choice, product, marketing. An introduction to the legal system the nature of law a map of the law sources of law. Can we be held liable for this? evaluation: assessment of legal risks. What are the chances of something going wrong? response: reaction to legal risks. What are we going to do about it? . Forms of risk management nearly every business decision creates some risk different risks must be treated differently. Exclusion and limitation clauses compensation available contractual terms that exclude liability for some acts/losses, or limit. Limited liability : shareholders not usually liable for company debts. Rules and laws all laws are rules but not all rules are laws. Morality and law moral wrongs are informally sanctioned eg damaged friendships or reputation legal wrongs are formally sanctioned eg fines or imprisonment.
