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Study Guide

LAW 122- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)


Department
Law and Business
Course Code
LAW 122
Professor
Avi Weisman
Study Guide
Final

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Ryerson
LAW 122
Final EXAM
STUDY GUIDE

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LAW 122
Week 1
- Why study law as business students?
o The goal for businesses is to make money so we need to understand the
implications and how to conduct proper risk management. Proper risk
management allows the business to reduce potential costs which
increases potential profits.
o Every business choice has legal consequences (e.g. patents, ethics, etc.)
- Risk management
o The process of identifying, evaluating and responding to the possibility of
harmful events.
o Steps to risk management:
1. Identification: recognition of legal risks (i.e. can we be held liable
for doing something wrong?)
2. Evaluation: assessment of legal risks (i.e. what are the chances of
something going wrong?)
3. Response: reaction to legal risks (i.e. what are we going to do
about it?)
o Almost every business decision creates some risk
o Risk strategies:
1. Avoidance: not engage business activity (i.e. not sell certain
product or service. E.g. cars with exploding fuel tanks)
2. Reduction: reduce occurrence of risk by modifying business
practices (e.g. wiping floor if wet)
3. Shifting: shift risk to another party through contract or through
insurance policy (e.g. purchase insurance for car accident)
4. Acceptance: sometimes appropriate for business to accept the risk
(e.g. lucrative contract)
o Examples of risk management:
Insurance: liability insurance, property insurance
Exclusion and limitation clauses: contractual terms that
exclude liability for certain types of acts/losses, or that limit the
amount of compensation available
Incorporation: limited liability; directors and shareholders are
not usually liable for debts of the company
- How to solve a legal question
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o Start with the facts
Read carefully and understand the facts as they determine the
relevance of any legal points you make later.
o Identify the relevant legal issues
What are the parties fighting about? What needs to be
resolved? (e.g. is the contract enforceable? Has A committed a
tort against B?)
The order of issues matters (e.g. was there an offer? Was there
an acceptance?)
Deal with one issue at a time
o Discuss the law relevant to the issue
Is there a legal principle, rule or test relevant? State it in the
abstract without referring to the facts yet.
o Apply the law to the facts
Identify the relevant facts
Application = law + fact
Drives to your conclusion, which resolves the issue
- Intro to legal system:
o Law: a rule that can be enforced by the courts
o All laws are rules but not all rules are laws (e.g. rules in soccer aren’t
enforceable by a court)
o Legal obligations vs moral obligation (raises ethical consideration as well)
o Moral wrongs are informally sanctioned loss of friendships or damaged
reputation
o Legal wrongs are formally sanctioned imprisonment or payment of
damages
o Ethics/morals
Can I watch someone drown without incurring legal liability? If I
can legally do it, should I? Ethically, is it okay? (p. 6)
Ethical reasoning: focus on WHY something is ethically right or
wrong, not just whether it is right or wrong
o Types of ethical reasoning:
1. Consequences: the greatest good for the greatest number of
people.
2. Justice and fairness: pay your debts, maintain a level playing
field, don’t cheat.
3. Rights and duties: respect rights and perform your duties.
4. Character and virtue: what kind of people do we want to be?
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