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Study Guide

LAW 122 Study Guide - Comprehensive Final Guide: Contractual Term, Insomnia, Neutral Party


Department
Law and Business
Course Code
LAW 122
Professor
Andre Serero
Study Guide
Final

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Ryerson
LAW 122
FINAL EXAM
STUDY GUIDE

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9/6/16
Law 122 - chapter 1
Risk Management and Sources of Law
-Risk Management
the process of identifying, evaluating, and responding to the possibility of harmful
events
Ex: lady asks for you to write a reference letter but you don’t think highly of her and
she wants to go work for one of your customers
- identify
what is the likelyhood of you being sued for not writing the letter properly or not
at all
- Evaluate
deciding to write a candid letter and possible warning the employer about your
suspicions
- Response
what do you decide to tell her. No I will not write it, write something that doesn’t
mention your suspicions, or write one that accuses them of theft
- you can’t necessarily eliminate risks but you can try to manage them
- Risk Avoidance
very serious risks that should be avoided! like mortality
-Ex: a car that regularly explodes upon impact shouldn't be on the market
- Risk Reduction
taking precautions. Plan B
-Ex: bank loans for a house they ask for a mortgage so if you don’t pay it at least
they can take the house
- Risk Shifting (to another party)
insurance and exclusion clauses
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9/6/16
Ex: hire an independent contractor so if someone gets hurt it isn’t the companies
fault or use the companies worker and the company is liable for its employees
- Risk Acceptance
hope for the best and if it does happen just pay
you do this because the just pay isn’t as much as say trying to prevent it
- 3 concepts of legal strategies
Insurance
-a contract where 1 party agrees, in exchangee for a price, to pay a certain
amount of money if another party suffers a loss
Ex: property insurance and liability insurance
Exclusion and limitation clauses
-contracts that have rules
-making money by selling goods and services needs a contract
Incorporation
-limited liability (only the company itself that suffers)
-if someone (employee) decides to be stupid you cannot personally be held liable
but you employer is
An Introduction to the Legal System
- Rules of the Law
there is a difference between a moral obligation and legal obligation
Ex: the canoe and if they person is legal obligate to help him stop drowning
- Law
a rule that can be enforces by the courts
- Map of the Law
civil and common law
Civil Law (civilian)
-this system traces their history back to ancient Rome
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