LAW 122 Study Guide - Final Guide: Golden Rule, Ultra Vires, Meeting Of The Minds

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17 Jan 2013
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Goal of a business = maximize gains and minimize losses. Difference between winning & loosing depends on business"s ability to make the right decisions from a. Business must make choices, and every choice has legal consequences legal perspective. The process of identifying, evaluating and responding to the possibility of harmful events. Ask yourself: can we be held liable for doing something wrong? . Ask yourself: what are the chances of something going wrong? . Ask yourself: what are we going to do about it? . Making the risk another person or business"s problem. Buy liability insurance for losses caused by danger. Choosing to live with the risk do nothing about it. Changes the usual rules of liability (e. g. a courier company may provide notice that it will not be held liable for fore than if a package is lost, damaged, or destroyed. ) A company that sets up as a corporation = incorporation.

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