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MGT 3010 Study Guide - Comprehensive Midterm Guide: Family Affairs, Qualified Privilege, Intentional Tort


Department
Management
Course Code
MGT 3010
Professor
Scott Harling
Study Guide
Midterm

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UofL
MGT 3010
MIDTERM EXAM
STUDY GUIDE

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Management Law
Chapter 1: Law, Society and Business
Definitions
THE ROLE OF LAW
What does law do?
1. It influences and controls the behaviour of individuals in society
2. It empowers, influences and controls the actions of actions
3. It influences and controls interaction between individuals
Rule of la: estalished legal piiples that teat all pesos eually ad that go’t itself oeys
Puli La: La that egulates the odut of go’t ad the elatios etee go’t ad piate
persons
Private Law: law that regulates the relations between private persons and groups of private
persons.
Legal Liability: responsibility for the consequences of breaking the law.
Forms of legal liability
Lawmakers use 3 forms of liability to influence individual behaviour
1. Criminal liability: responsibility arising from commission of an offense against the govt
or society as a whole.
2. Regulatory or Quasi-criminal liability: responsibility arising from breaches of less serious
rules of public law, often enforcing through specialized regulatory tribunals set up by
the govt for specific purposes.
3. Civil liability: responsibility arising from a breach of a private law, enforced through a
lawsuit initiated by the victim
Super-Governmental organizations: non-profit associations of govt from around the world
working to find common approaches to international issues, such as the WTO or the UN.
LEGAL RISK MANAGEMENT
Legal risk: business activities, conduct, events or scenarios that could expose a business to any
type of legal liability.
Legal risk management plan: plan developed by a business that identifies potential legal liability
and provides preventative and remedial strategies
Steps in the development of legal risk management plan
1. Identify potential legal risks
2. Assess and prioritize each legal risk based on likelihood and magnitude
3. Develop a strategy to address each risk from both proactive and reactive perspectives
4. Implement the plan
5. Regularly review and update the plan
Strategies to manage legal risks
1. Avoid the risk
2. Reduce the risk
3. Transfer the risk-shifts the consequences to someone else
4. Absorb the risk-accepts that the risk may occur and budgets for the expenses
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Legal Audit: A review of each area, action and interaction of the business to identify potential
legal liability and legal compliance risks
Solicitor: an office lawyer (England) who interviews clients, carries on legal aspects of business
and family affairs and prepares cases for trial.
Barrister: a lawyer in England who accepts cases from solicitors and presents them in court and
also acts as consultant in complex legal issues
Notary: a solicitor in Quebec
Advocate: a barrister in Quebec
Attorney: a lawyer in the US, encompassing the roles of both barrister and solicitor
Disbarred: expelled from the law society and deprived of the privilege of practicing law
Solicitor-liet piilege: a liet’s ight to hae all ouiatios ith his o he laye kept
confidential
Paralegal: a non-lawyer who provides some form of legal service to the public
Retainer: the contract between a lawyer and client that describes the work that will be done
and the fee that will be charged
Outside counsel: self-employed lawyers who work alone, in small partnerships or in large
national firms and bill the business for services rendered.
In-house counsel: a lawyer who provides legal services to a business as a full time employee of
the business.
Compliance Officer: an employee that monitors regulatory and legislative requirements
applicable to the business and ensures that the business complies.
LAW AND BUSINESS ETHICS
Corporate social responsibility: a concept that suggests business decision makers consider
ethical issues, including the interests of customers, employees, creditors, the public and other
stakeholders in addition to legal and financial concerns
Code of conduct: a common standard of behaviour that may take the form of a values
statement or a prescribed set of rules often used by professional organization setting out the
duties and appropriate standards of behaviour to be observed by it’s ees.
3 types of codes
1. Bidig odes: set of ules laid do y the go’t
2. Volutay Code: ay e used as a sustitute fo go’t egulatio
3. Self-Imposed Codes: used to impress and attract particular groups of consumers
WHO MAKES LAW?
Basic Law(constitution): The constitution that lists the founding legal principles accepted by the
citizens of a country and that they regard as legitimate and binding.
Statutes (federal and provincial legislation): pieces of legislation passed by government.
2 types
1. Subordinate legislation
Regulations: administrative rules implemented by govt as a result of authorization given
in a statute.
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