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Study Guide

[LAW 122] - Midterm Exam Guide - Everything you need to know! (48 pages long)


Department
Law and Business
Course Code
LAW 122
Professor
Clara Chapdelaine- Feliciati
Study Guide
Midterm

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Ryerson
LAW 122
MIDTERM EXAM
STUDY GUIDE

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Business Law – Law 122 Midterm Notes
Chapter 1 – Risk Management and Sources of Law
Why Study Law? (For business students)
-Goal of a business = maximize gains and minimize losses
-Business must make choices, and every choice has legal consequences
-Difference between winning and losing depends on business’s ability to make the right decisions from
a legal perspective
-Law can hurt and help and business
Risk Management
Risk Management: The process of identifying, evaluating and responding to the possibility of harmful events.
-Identification
oRecognizing the legal risks
oAsk yourself: “Can we be held liable for doing something wrong?”
-Evaluation
oAssessment of legal risks
oAsk yourself: “What are the chances of something going wrong?”
-Response
oReaction to legal risk
oAsk yourself: “What are we going to about it?”
Forms of Risk Management
Risk Avoidance
-Elimination of risk
-Withdraw dangerous products from the market
Risk Reduction
-Minimizing risk
-Modify products to reduce the danger
Risk Shifting
-Making the risk another person or business’s problem
-Buy liability insurance for losses caused by danger
Risk Acceptance
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-Choosing to live with the risk, do nothing about it.
Management of Legal Risks
Low Costs High Costs
Low Probability Risk Acceptance Risk Shifting
High Probability Risk Reduction Risk Avoidance
Concepts
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. (Ex. Ability insurance provides benefit if the purchaser is held liable for doing
something wrong)
Exclusion Clauses: Changes the usual rules of liability (Ex. A courier company may provide notice that it will
not be held liable for more than $100 if a package is lost, damaged or destroyed)
Incorporation: A company that sets up as a corporation
-Limited Liability: If something goes wrong, it is usually only the company itself, and not the people who
run it, that may be held liable, the company may be lost, but the people behind it are safe
The Nature of Law
Laws: A set of principles and rules that courts will enforce
-A way of thinking (or reasoning) about these principles and rules
oIt does not matter about who won or lost the case. The reasons for the result are where law
happens
Interpreting the Law
Textual Approach: Wording of the law… each word is given its plain mean and there is no need to look outside
the document
Purposive Approach: Legislature’s intention… first determine the statue’s purpose; then read the law in a way
that best achieves that purpose
A Map of the Law
Division between public law and private law:
-Public law: Matters of public concern
-Private law: Matters of private concern
Public Law
Constitutional law
-Provides basic rules for legal and political systems
-Difficult to amend
oAmending formula requires the consent of both the parliament and 2/3 of all provinces and
territories with at least 50% of the population
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