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

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Published on 5 May 2011
School
Ryerson University
Department
Law and Business
Course
LAW 122
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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Document Summary

R isk management (2-6: risk management: process of identifying, evaluating and responding to the possibility of harmful events. Three steps to risk management: (1) identification: recognition of legal risks. Can we be held liable for doing something wrong? : (2) evaluation: assessment of legal risks. What are the chances of something going wrong? : (3) response: reaction to legal risks. What are we going to do about it? : forms of risk management, risk avoidance: elimination of risk.  withdraw dangerous product from market: risk reduction: reducing the risk to an acceptable level. Liability insurance: provides a benefit if the purchaser is held liable for doing something wrong. 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. Canada) www. notesolution. com: jurisdiction: geographical area that uses the same set of laws.

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