COMM 393- Final Exam Guide - Comprehensive Notes for the exam ( 52 pages long!)
Document Summary
Established legal principles that treat all persons equally and that government itself obeys : law linked to morals and ethics: (p2) Law often reflects only a minimum standard acceptable to most people. Morals and ethics are optional standards of behavior that people ought to observe. effective. / forms of legal liability (responsibility for the consequences of breaking the law)? (p3-4) Legal risk: definition: business activities, conduct, events, or scenarios that could expose a business to any type of legal liability: developing a legal risk management plan (5 steps): (p6) Step 1: identify potential legal risks by using legal audit (definition: a review of each area, action, and interaction of the business to identify potential legal liability and legal compliance risks. Step 2: assess and prioritize each legal risk based on likelihood and magnitude. Step 5: regularly review and update the plan: strategies to manage legal risk (4 strategies): (p6-7) The strategy is used with remote risks or small-valued risks.
