Textbook Notes (367,994)
Canada (161,548)
LAW 122 (618)
Jane Monro (29)
Chapter 1

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Law and Business
LAW 122
Jane Monro

C HAPTER 1: RISKM ANAGEMENT AND SOURCES OF LAW Risk Management is the process of identifying, evaluating and responding to the possibility of harmful events  Identification: Must become concerned about your own liability of being held legally responsible for false accusations and the possibility of being sued.  Evaluation: After identifying the risk of being sued you can proceed if you feel sharing your personal suspicions / allegations may be true if they have enough support.  Response: Now in a position to make an informed decision after identifying and evaluating the risk. Risk Avoidance Risks that are so serious they should be avoided altogether Risk Reduction Some risks can be reduced to an acceptable level through precautions Risk Shifting Involves shifting the risk onto another party, through insurance, exclusion clauses and incorporation. Companies are not liable for independent contractors as they are for their own employees.  Insurance: Two primary times of insurance Liability Insurance provides benefit if the purchaser is held liable (being sued) for a wrongdoing. Property Insurance provides benefit if the purchaser’s property is damaged, lost or destroyed  Exclusion and Limitation Clauses: a condition that changes the regular rules of liability from the business, limiting the risk of fault or compensation that is available o Example: Courier’s contract might state it is not held responsible for over $100 in lost or damaged packages  Incorporation: When a business is incorporated the major benefit comes from its limited liability, meaning only the company itself is held at fault for debts so the company may be lost, but the people behind it are safe. o Example: If a company goes bankrupt and it’s assets are repossessed, the personal assets of directors and officers will be safe An Introduction to the Legal System The Nature of Law it can be difficult to distinguish between moral obligations and legal obligations, however by definition a law is a rule that can be enforced by the court  Civil Law is a system that traces its history to Rome, most countries in Europe are still civilian. The only civil law jurisdiction in Canada is Quebec which borrowed its laws from France o Jurisdiction a geographical area that uses the same set of laws  Common Laws come from a system in place in England, and are used in Canada, Australia, New Zealand and most of the United States. However, Quebec and the rest of Canada share the same Criminal Laws and Constitutional Laws Public Laws are concerned with governments and the ways in which they deal with their citizens  Constitutional Laws provide the basic rules of our political and legal systems. It determines who is entitled to create and enforce laws and it establishes the fundamental rights and freedoms  Administrative Law is concerned with the creation and operation of a variety of agencies, boards, commissions and tribunals which are responsible for managing the workload of constitutional laws  Criminal Law deals with offences against people who breaks rules that are designed to protect society o White-collar crimes are committed by people in a business / professional setting such as fraud and embezzlement Private Law is concerned with the rules that apply in private matters. Private law involves usually two people, individuals or organizations, including the government.  Tort is a private wrong, an offence against a particular person there are multiple types of torts. Intentional Torts such as assault. Business Torts such as deceit and conspiracy. Negligence covers most situations in which one person carelessly hurts another  Laws of contracts concerned with the creation and enforcement of agreements  Law of property is concerned with the acquisition, use and disposition of property. Real Property involves land and things attached to land. Personal Property involves things that can be moved from one place to another. Intellectual Property involves things that consist of original ideas like patents and copyrights. Multiple areas of law that deal with all forms of property such as Law of Succession which deals with a person’s property when they die and Law of Trust which deals with a situation when one person holds property on behalf of another Overlap Usually different areas of law can intersect as a single event triggers more than one set of rules. If you punch someone in the face that is both a Criminal Law and a Tort Source of Law Constitution is the document that creates the basic rules for Canadian society, including its political and legal systems. Every law in the country must
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