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Law 122 midterm.docx

15 Pages

Law and Business
Course Code
LAW 122
Leigh Lampert

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Law 122Midterm Professor Leigh LampertChapter 1Why Study Law An introduction to the Legal System As consumers we all need to be aware of the rules that govern commercial transactions In terms of employment you may intend to work in the public sector If so you need to understand not only the nature of government organizations but also the different types of laws that may affect you IFactors affect success and failure in businessIIBusiness decisions have consequences NEGITIVE AND POSITIVEIIILegal consequences affect profits and losses RISK MANAGEMENTThis is the process of identifying evaluating and responding to the possibility of harmful eventsIIDENTIFICATIONIIEVALUATION IIIRESPONSE a Recognition of aAssessment of aReaction to the legal risk legal risk legal risk Can we be What are the What are we accountable for chances of going to do doing something something about itwronggoing wrongFORMS OF RISKSThe goal is not necessarily to eliminate risks it is to manage them and the appropriate strategy depends upon the circumstanceIIIRISK AVOIDANCE Should be VIINSURANCE It is a contact in which avoided altogether eliminating 1 party agrees to pay money for the riskcoverageaEX Withdraw dangerous aAutomobile insurance product from markethealth and liability IIIRISK REDUCTION Minimization of VIIEXCLUSION and LIMITATION risk to an acceptable level CLAUSE Contractual terms that through precautions exclude liability for certain types of acts that limit the amount of aEX Modify product to compensation available reduce danger aGreen P parking posts a IVRISK SHIFTING Making the risk sign stating park at your someone elses problem own risk shifting responsibility to another VIIIINCORPORATIONLimited party liability is usually the company aEX Buy liability insurance itself not directors or VRISK ACCEPTANCE Choose to live shareholders that may be held with the risk sometimes it is liable for debts best to simply accept the risk aEX Employees directors aEX Do nothing about the and offices may be held problem personally liable for the torts they committed Law vs Ethics Law 122Midterm Professor Leigh LampertIs it enough to say that a law is a rule that can be enforce by the courts Before we make sense of it all we need to understand the history of this enormous topic In Canada it is necessary to distinguish between civil and common lawLaw is an evolving malleable process rather than a static list of dos and dont it reflects the change in societyCommon LawCivil Law Legal system inherited from England Legal system inherited from ancient RomeRules made by judgesRules made by legislators and constitutional drafterRules made by judges of the lawRules made by judges of equity PUBLIC LAW This law is concerned with governments and the ways in which they deal with their citizens it includesIConstitutional Law Provides the basic rules of our political and legal system IIAdministrative law Concerned with the creation and operation of admin agenciesIIICriminal law Deals with offences against the state punching a personaCrimes in the business world white collar crimes and corporate crimesbCompanies can now be convicted under the criminal code on the basis of acts performed by directors employee and managersIVTax law Is concerned with the rules that are used to collect money for the purpose of public spending PRIVATE LAWThis law is concerned with the rules that apply in private matters there are usually three partsIThe law of torts Rules governing wrongs against personsIIThe law of contracts Rules governing creation and enforcement of agreementsIIIThe law of property Rules governing acquisition use and disposition of propertySOURCES OF LAWICONSTITUTION This document create the basic rules for Canadian societyIt is difficult to amend it requires the consent of both the parliament and 23 of all provinces with at least 50 populationIt is the highest source of lawFederalism There are two recognized levels of government Federal GovernmentProvincial GovernmentDivision of PowersTopics dived into federal or provincial authority Federal crime copyright bankruptcyProvincial civil rights Residual power is held Doctrine of federal paramountcy determines which law is preeminent if there is a conflict between a federal statue and a provincial statuteUltra Vires Legislation created an outside scope of govern authority Charter of Rights and Freedoms The charter only applies to government action technically not applicable against private business
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