Textbook Notes (367,974)
Canada (161,538)
LAW 122 (618)
Jane Monro (29)
Chapter 1

LAW 122 Chapter 1.docx

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Department
Law and Business
Course
LAW 122
Professor
Jane Monro
Semester
Fall

Description
9/18/2013 5:40:00 PM Risk Management & Sources of Law Why Study Law? -As consumers, we need to be aware of the rules that govern commercial transactions -In employment (public sector), you need to understand not only the nature of gov’t organizations but different laws that may affect you Risk Management: Process of identifying, evaluating, and responding to the possibility of harmful events  You can’t be successful without taking risks, they all have a cost Risk Avoidance: Some risks are so serious they should be avoided from start  Financial costs of being held liable will outweigh any sales profits Risk Reduction: Some risks can be reduced through certain precautions  Ex: A store will put up signs so they are not liable for lost items Risk Shifting: Even if a risk cant be avoided/reduced, it may be shifted  Shifting risks: Insurance and exclusion clauses Risk Acceptance: Sometimes appropriate to simply accept a risk  Damaging someone’s window due to your business Insurance: A contract in which one party agrees, in exchange for a price, to pay a certain amount of money if another party suffers a loss  Liability insurance provides a benefit if the purchaser is held liable for doing something wrong  Property insurance provides a benefit if the purchasers property is damaged Exclusion & Limitation Clauses: Many businesses make money by selling goods or services. Sales are created by contracts, which often contain exclusion and limitation clauses  Clause may attempt to exclude all risk of liability or exclude liability or certain types of acts/loses, or limit the amount of compensation Incorporation: To avoid risks, many businesses are set up as corporations  Most significant benefit is limited liability The Nature of Law  Law is a rule that can be enforced by the courts The Map of the Law  Civil Law: History traces to ancient Rome, only Quebec uses civil law (initially borrowed from France)  Common Law: Trace history to England, jurisdictions of common law is the rest of Canada, as well as Australia, New Zealand, & USA  Criminal Law & Constitutional Law is the same in all of Canada Public Law  Concerned with gov’ts & ways in which they deal with their citizens Constitutional law, Administrative law, Criminal law, Tax law  Constitutional law provides basic rules of our political & legal systems o Determines who is entitled to create & enforce law, & establishes fundamental rights & freedoms Canadians enjoy  Administrative law is concerned with creation & operation of these bodies o Has profound impact on business  Criminal law deals with offences against the state o Concerned with people who break rules that are designed to protect society as a whole o White collar crimes: committed by people in suits (manager) o Corporate crime: Crimes committed by corporates  Tax law is concerned with rules that are used to collect money for public spending o Area of great interest to the business community Private Law  Concerned with
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