LAW 122 Chapter 1: LAW122 Chapter 1 Notes.docx
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13 Mar 2012
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Risk management: is the process of identifying, evaluating, and responding to the possibility go harmful events. Identify the risk associated with the situation you are in. Evaluate which would be the best way to go about solving the problems. Response, by choosing the best option that will benefit you and keep the risk low. If the contracted crane operator hurts someone they can only sue the contractor. But if it is an employee of the company, the companies, by law, will be sued) Incorporation: shifting the risk by making a business a corporation. A law is a rule that can be enforced by the courts. Jurisdiction: a geographical area that uses the same set of laws. Public law: is concerned with the governments and the way they treat their citizens. Constitutional law: provides the basic rules of our political and legal systems (ex: who can create/enforce laws, establishes fundamental freedoms, etc. )
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