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

Law and Business
Course Code
LAW 122
Jane Monro
Study Guide

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Chapter1: Risk Management and Sources of Law
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
Evaluation: What could happen from these situations
Response: options of what to do
Manage Risk
Risk avoidance: Do not deal with situation at all
Risk reduction: Still be in the situation, but make it less risky. Ex. Give mortgage instead of loan
Risk shifting: shift to another person through
Differences between making an employee do something or an indep contractor.
Company isn‟t vicariously liable for an independent contractor
Company is vicariously liable for an employee
Risk acceptance: Accept it and deal with it
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. If not, it‟s risk shifting
Property insurance: benefit if the purchaser‟s property is damaged, lost, or
destroyed. If not, its risk shifting.
Exclusion and limitation clauses: contractual terms change the usual rules of liability of the
signer agreed to the contract
Incorporation: Some businesses are limited liability, meaning only the company can get sued.
But doesn‟t protect from all risks. You can be held personally liable for the torts

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A Map of the Law
Law: a rule that can be enforced by the courts
Civil vs. common law
Civil law: systems trace their history to ancient Rome. Only Quebec, only civil jurisdiction
Jurisdiction: geographical area that uses the same set of laws
Common law: systems trace their history back to England
Public Law
Public law: concerned with governments and the ways in which they deal with the citizens
constitutional law, administrative law, criminal law, tax law
Constitutional Law: provides the basic rules of our political and legal systems
Determines who is entitled to create and enforce laws, and establishes the
fundamental rights and freedoms
Administrative law: concerned with the creation and operation of administrative agencies and
Example: Human rights tribunal decides that a company discriminates
against woman in Wages. Therefore, compensation
Criminal Law: deals with offences against the state
White collar criminal: committed by people in suits
Corporate crime: company does crime
Tax law: concerned with the rules that are use dot collect money for the purposes of public

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Private Law
Private law: concerned with the rules that apply in private matters
Law of torts, contracts, and property
Tort: a private wrong, an offence against a particular person
Intentional torts, such as assault and false imprisonment
Business torts, such as deceit and conspiracy
Negligence: carelessly hurts another
Law of contracts: concerned with the creation and enforcement of agreements
a) Sale of goods, such as cows and computers
b) Negotiable instruments, such as cheques
c) Real estate transactions, such as the purpose of land
d) The operation of corporations
e) The employment relationships that exists between business and workers
Law of property: concerned with the acquisition, use, and disposition of property
a) Real property, land and things that are attached to land
b) Personal property, things that can be moved around
c) Intellectual property, original ideas, patents, copyright
Law of succession: deals with the distribution of a person`s property after death
Law of trusts: situation in which one person holds a property on behalf of
Sources of Law
1) CONSTITUTION: document that creates the basic rules for Canadian society, including its
political and legal systems
Every law has to be compatible with it. Can only be changed through the amending formula.
Charter is in the Constitution
2 levels of government: federal, and provincial&territorial
A) Federal: Parliament of Canada, in Ottawa, governs country as a whole.
2 parts
-House of Commons: consists of members of Parliament (MPs), elected form each province.
-Senate: consist of senators, appointed to their jobs.
Queen runs state
Country is run by the political party with the most MPS. The leader of the party is the Prime
B) Provincial and Territorial:
Not only are MPs represent you, but you can elect politicians from your province. The person
you elect, or legislature, is called the Legislative Assembly. Each of the 13 legislatures is
similar to Parliament.
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