LAW 122 Chapter Notes - Chapter 1: Liability Insurance, Independent Contractor, Property Insurance
Document Summary
Risk movement: is the process of identifying, evaluating and responding to the possibility of harmful events. Torts: a wrongful act or an infringement of a right (other than under contract) leading to legal liability. Need to be concerned with possibility of being sued. Evaluate the needed and what they need to do. Some so serious that it is better to just avoid altogether. Ex car keeps blowing up just recall them and don"t try and fix. Some can be reduced to an acceptable level. Ex bank grants a mortgage to someone who might not be able to pay so they can at least gain the property. Ex you are making a building so you hire a external independent contractor to set up crane. If crane fails and someone dies then independent contractors problem. Sometimes just accept even if not exactly your fault because its small enough to handle.