LAW 122 Study Guide - Final Guide: Condition Precedent, Liquidated Damages, Alternative Dispute Resolution

467 views41 pages

Document Summary

Risk management: process of identifying, evaluating, and responding to the possibility of harmful events. You need to identify, evaluate, and respond to the legal risks involved. Identify: think about the liability, who is held responsible, possibility of being sued. Risk avoidance: do not deal with situation at all. Risk reduction: still be in the situation, but make it less risky. Risk acceptance: accept it and deal with it. Differences between making an employee do something or an indep contractor. Company isn t vicariously liable for an independent contractor. 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. Liability insurance: benefit if the purchaser is held liable for doing something wrong. Property insurance: benefit if the purchaser s property is damaged, lost, or destroyed. Exclusion and limitation clauses: contractual terms change the usual rules of liability of the signer agreed to the contract.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers

Related Documents

Related Questions