LAW 122 Chapter Notes - Chapter 1: Primary And Secondary Legislation, Independent Contractor, Common Law
12 Dec 2012
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Risk management is the process of identifying, evaluating and responding to the possibility of harmful events. Risk avoidance a risks that should be avoided altogether. (ex. Risk reduction risk that can be reduced to an acceptable level through precautions. (ex. Risk shifting risk that can be put on a different party. (ex. hiring an independent contractor) Risk acceptance sometime it is appropriate to accept the risk. (ex. golf course and broken windows) Insurance is a contract in which one party agrees, in exchange for a price, to pay if suffered a loss. Exclusion and limitation clauses contracts that contain exclusion and limitation clauses (ex. we are not reasonable for any lost or stolen articles) Incorporation the company itself is liable and not the directors and shareholders. Law is a rule that can be enforced by the courts. Moral obligations the way society feels that i should act. Common law systems track their history to england (all of canada except quebec)
