LAW 122 Chapter Notes -Ultra Vires, Independent Contractor, Liability Insurance
7 Oct 2013
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Law 122 chapter 1: risk management and sources of law 1. Chapter 1: risk management and sources of law. Intro to the legal system p. 2. Risk management: the process of identifying, evaluating, and responding to the possibility of harmful events. Need to identify, evaluate and respond to the legal risks involved. Need to be concerned about liability, about actually being held legally responsible. Very few cases go before the judge; most settled by parties. Risk avoidance: some risks are so serious they should be avoided. Risk reduction: some risks can be reduced to an acceptable level through precautions, reduce risk by modifying business practices, ex. Put sign that warns that the floor is wet. Risk shifting: risk can be shifted to a third party, insurance, exclusion clauses, company can use independent contractor (company not liable to his actions) Risk acceptance: sometimes have to just accept risk. Law 122 chapter 1: risk management and sources of law 2.
