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LAW 122 (614)
Chapter 1

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Ryerson University
Law and Business
LAW 122
Theresa Miedema

September 7, 2012 Chapter 1 Risk Management and Sources of Law Risk Management 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. Ford Pinto and exploding on impact) Risk Reduction – Risk that can be reduced to an acceptable level through precautions. (Ex. Banks loans and collateral) 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. The Nature of Law Law – is a rule that can be enforced by the courts. Moral Obligations – the way society feels that I should act. A Map of the Law Common Law – systems track their history to England (All of Canada except Quebec) Civil Law – systems track their history to ancient Rome. (Quebec) Jurisdiction – is a geographical area that uses the same set of laws  In Canada, we all have the same criminal laws and constitutional laws Public Law Public Law – is concerned with governments and the ways in which they deal with their citizens Constitutional Law – provides the basic rules of our political and legal. Administrative Law – is concerned with the creations and operation of administrative agencies and tribunals. Criminal Law – deals with offences against the state. Tax Law – is concerned with the rules that are used to collect money for the purposes of public spending. Private Law Private Law – is concerned with the rules that apply in private matters A Tort – is a private wrong. Law of Contracts – is concerned with the creation and enforcement of agreements Law of Property – is concerned with the acquisition, use, and disposition of property. (1) Real Property – land and things attached to land (2) Personal property – things that can be moved from one place to another (3) Intellectual property –original ideas (Ex. patents and copyrights) 1 | P a g e September 7, 2012 The Constitution The Constitution – is the document that creates the basic rules for Canadian society, including its political and legal system. The Division of Powers – States the areas in which each level of government can create laws Federal – The House of Commons (Ottawa) & the Senate (appointed to their jobs) Provincial and Territorial – Canadians elect politicians to repent them within their own provinces and territories. o Canada is a federal country because it has two levels of government Division of Powers Federal Provincial or Territorial Criminal Law Property and Civil Rights Taxation Direct taxation to raise money for provincial purposes Unemployment Insurance Corporations with provincial Objects Banks The creation of Municipalities Bankruptcy and Insolvency Matters of a local or private nature within a province Money Education Negotiable instruments (Ex. cheques) Heath Care Internal and interprovincial trade and commerce Navigation and shipping Copyright Any matter that is not exclusively given to the provinces (Peace, order, and good government) Residual Power – gives the federal government authority over everything that is not specifically mentioned. (Ex. telecommunications and air travel) The Doctrine of Federal Paramountcy – Determines which law is pre-eminent based on the Constitution’s division of power Charter of Rights and Freedoms Limitations The Charter protects a large number of rights and freedoms. S.1  Democratic Rights (Sections 3-5) S.33  Legal Rights (Sections 8-14) S.32  Official Languages and Minority Language (Sections 16-23) Economic, Property rights  Aboriginals and Multiculturalism (Sections 25 and 27)
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