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Chapter 1

LAW 122 Chapter Notes - Chapter 1: Liability Insurance, Property Insurance, Intentional Tort

10 Pages
73 Views
Summer 2011

Department
Law and Business
Course Code
LAW 122
Professor
Theresa Miedema
Chapter
1

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Chapter 1- Introduction to law
RISK MANAGEMENT (2-6)
Risk management: process of identifying, evaluating and responding to the
possibility of harmful events. Three steps to risk management
o(1) identification: recognition of legal risks
can we be held liable for doing something wrong?
o(2) evaluation: assessment of legal risks
what are the chances of something going wrong?
o(3) response: reaction to legal risks
what are we going to do about it?
Forms of risk management
oRisk avoidance: elimination of risk
withdraw dangerous product from market
oRisk reduction: reducing the risk to an acceptable level
modify product to reduce danger
oRisk shifting: make the risk someone elses problem
buy liability insurance for losses caused by danger
orisk acceptance: choose to live with the risk
do nothing
Risk management concepts
oInsurance: contract in which one party agrees, in exchange for a price, to
pay a certain amount of money if another party suffers a loss. Insurances
always shift the risks
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Liability insurance: provides a benefit if the purchaser is held liable
for doing something wrong
Property insurance: provides benefit if the purchasers property is
damaged, lost, or destroyed
oExclusion and limitation clauses: contractual terms that exclude liability
for certain types of acts / losses, or that limit the amount of compensation
available.
oIncorporation: many businesses are set up as corporations or companies
limited liability usually the company itself, and not the directors or
shareholders, that may be held liable for debts
Limited liability does not, however, protect individuals from all risks
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THE NATURE OF LAW
orules vs laws: all laws are rules but not all rules are laws
omorality vs law: moral wrongs are informally sanctioned; legal wrongs are formally
sanctioned
olaws = rules that can be enforced by courts
oCommon law jurisdiction: Rules as well as Principles and a Way of thinking (mode of
reasoning). Knowing the rules AND why they are applied (the reasoning)
oAnswer to every legal questions it depends reasoning must be detailed to the
situation/circumstance
omay or must Huge difference( *look for this wording in the test*)
oLaw is all about the qualifications, exceptions… absolute is usually not a right
answer
oRule of law: everything has to be reasonable (R2)
CIVIL LAW AND COMMON LAW
oAlthough they have multiple systems, they presently represent different legal
systems
oCivil law: systems that trace their history to ancient Rome (still used in Quebec)
oCommon law: systems that trace their history to England (used in the rest of
Canada)
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Description
Chapter 1- Introduction to law RISK MANAGEMENT (2-6) • Risk management: process of identifying, evaluating and responding to the possibility of harmful events. Three steps to risk management o (1) identification: recognition of legal risks “can we be held liable for doing something wrong?” o (2) evaluation: assessment of legal risks “what are the chances of something going wrong?” o (3) response: reaction to legal risks “what are we going to do about it?” • Forms of risk management o Risk avoidance: elimination of risk withdraw dangerous product from market o Risk reduction: reducing the risk to an acceptable level modify product to reduce danger o Risk shifting: make the risk someone else’s problem buy liability insurance for losses caused by danger o risk acceptance: choose to live with the risk do nothing • Risk management concepts o Insurance: contract in which one party agrees, in exchange for a price, to pay a certain amount of money if another party suffers a loss. Insurances always shift the risks www.notesolution.com Liability insurance: provides a benefit if the purchaser is held liable for doing something wrong Property insurance: provides benefit if the purchaser’s property is damaged, lost, or destroyed o Exclusion and limitation clauses: contractual terms that exclude liability for certain types of acts / losses, or that limit the amount of compensation available. o Incorporation: many businesses are set up as corporations or companies “limited liability” usually the company itself, and not the directors or shareholders, that may be held liable for debts Limited liability does not, however, protect individuals from all risks www.notesolution.com THE NATURE OF LAW o rules vs laws: all laws are rules but not all rules are laws o morality vs law: moral wrongs are informally sanctioned; legal wrongs are formally sanctioned o laws = rules that can be enforced by courts o Common law jurisdiction: Rules as well as Principles and a Way of thinking (mode of reasoning). Knowing the rules AND why they are applied (the reasoning) o Answer to every legal questions it depends reasoning must be detailed to the situation/circumstance o “may” or “must” Huge difference( *look for this wording in the test*) o Law is all about the qualifications, exceptions… “absolute” is usually not a right answer o Rule of law: everything has to be reasonable (R ) CIVIL LAW AND COMMON LAW o Although they have multiple systems, they presently represent different legal systems o Civil law: systems that trace their history to ancient Rome (still used in Quebec) o Common law: systems that trace their history to England (used in the rest of Canada) www.notesolution.com o Jurisdiction: geographical area that uses the same set of laws A MAP OF THE LAW www.notesolution.com • Public law: Concerned with governments and the ways in which they deal with their citizens o Constitutional law: provides the basic rules of our political and legal systems. It determines who is entitled to created and enforce laws… o Administrative law: rules governing creation and operation of agencies, boards, tribunals, and commissions that exercise delegated authority o Criminal law: deals with offences against the state. It is concerned with people who break rules that are designed to protect society as a whole white collar crimes (committed by “people in suits”) corporate crimes (committed by a company itself) a company can now be convicted under the Criminal Code on the basis of acts performed by directors, officers, managers, partners, employees and agents o Tax law: concerned with the rules that are used to collect money for public spending • Private law: Concerned with the rules that apply in private matter o Tort: is a private wrong, an offence against a particular person Intentional tort assault or false imprisonment Business tort deceit or conspiracy Negligence one person carelessly hurts another o Law of contracts: concerned with the creation and enforcement of agreements o Law of property: concerned with the acquisition, use, and disposition of property Real property land or things attached to land Personal property things that can be moved from one place to another Intellectual property things that consists of original ideas. • Overlap: when different areas of law can overlap o A single event can trigger more than one set of rules. o Situations involve various types of laws www.notesolution.com SOURCES OF LAW • The Constitution: the document that creates the basic rules for Canadian society, including its political and legal system. (most important source of law) o Every other law in the country must be compatible with it. Section 52: “The constitution of Canada is the supreme law of Canada, and any law that is inconsistent with the provisions of the constitution is, to the extent of the inconsistency, of no force or effect” o The constitution of Canada is very difficult to change. It can be changed only through a special amending formula (which happen rarely) o Division of power: states the areas in which each level of government can create laws Federalism • Federal government (s.91) o represents o House of Commons entire country (elected) o Parliament
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