LAW 525 Study Guide - Comprehensive Final Exam Guide - Ontario, Canada, Tort
20 Nov 2018
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Law 525 introduction class 1 (chapter 1) Offer acceptance consideration - fundamentals of contracts in common law. Ginger beer case first tort case, snail in ginger beer, doesn"t drink it, sympathetic plaintiff, went to court, was liable, turned into manufacturer liability (negligence, duty of care) How products are manufactured, sales practices, advertising, inter-firm sales. Market failure when g and s are not distributed efficiently. Can occur when one market player or group acts to create a monopoly. Information asymmetries or imbalances between businesses and consumers. Government intervention government intervene through legislation and regulations. Risk management identifying, evaluation and responding to possible harmful events. Risk avoidance: most extreme cases, i. e. watch your step sign. Risk reductions: i. e. checking wording of an advertisement. Risk shifting: insurance (i. e. using another company"s security guards to shift risk) Risk acceptance: last resort (knowledge of risk and proceeding) Removing billboards (visual pollution) because city is historic. Mandatory recall against toys, children swallowing magnets.
