LAW 122 Chapter Notes - Chapter 1: Liability Insurance, Property Insurance, Private Law

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Chapter 1 risk management and sources of law. Consumers: all need to be aware of the rules that govern commercial transactions. Employment: may intend to work in the public sector. Contract: legal concept that allows people to create enforceable promises. 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. Does not protect individuals from all risks: in-house counsel: instead of hiring lawyers from time to time as the need arises, a company may create its own permanent legal department. Law: a rule that can be enforced by the courts: moral issues may arise even if a rule is identified as a law (legally entitled to reduce production costs by using child labor as a company) Civil law: systems trace their history to ancient rome. Jurisdiction: geographical area that uses the same set of laws.

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