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Chapter 1

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Ryerson University
Law and Business
LAW 122
Theresa Miedema

1. Define Risk Management.  Process of identifying, evaluating, and responding to the possibility of harmful events 2. What are the 3 steps that are involved in risk management?  Identification o Recognize legal risks (Can we be held liable for this?)  Evaluation o Assessment of legal risks (What are the chances of something going wrong?)  Response o Reaction to legal risks and making a decision (What are we going to do about it?) 3. What are the 4 forms of risk management?  Avoidance o Eliminating the risk completely o Example: Withdrawing a dangerous product from the market  Reduction o Minimizing the risk o Example: Modify a product in order to reduce possible danger  Shifting o Making the risk someone else’s problem o Example: Buy liability insurance for losses caused by danger (“We are not responsible for...”)  Acceptance o Living with the risk o Example: Doing absolutely nothing at all 4. What is 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 los 5. How is incorporation used for the purposes of risk management?  Most significant benefit of incorporation is limited liability  This is where only the company itself, not the directors or shareholders, are held liable for debts  Limited liability doesn’t protect people from all risks o Employees, directors, and officers may be held liable for torts that they commit 6. What is in-house counsel?  An attorney that is employed exclusively by a business or government department  Instead of hiring lawyers when needed, a company can choose to create its own permanent legal department  This option provides more efficient risk protection 7. What is the difference between public law and private law? Can the government ever be involved in a private law case?  Public: Concern with governments and the ways in which they deal with their citizens o Constitutional Law: Basic rules of our political and legal systems  Determines who is entitled to create and enforce laws  Establishes the fundamental rights and freedoms o Administrative Law: Concerned with the creation and operation of administrative agencies, boards, and tribunals  Example: A human rights tribunal decides that a corporation discriminated against women by paying them less compared to men o Criminal Law: Deals with offenses against the state  Concerned with people who break rules that are designed to protect society  Example: If you punch someone, you have committed a tort because you did something wrong to that person. You would also commit a crime because you did something wrong to the entire community as a whole  White-Collar Crime: Crimes committed by people in suits, such as managers  Corporate Crime: Crimes committed by a company itself o Tax Law: Concerned with the rules that are used to collect money for public spending  Private: Concerned with the rules that apply in private matters o Both parties in a private dispute are private persons, which are people or organizations such as corporations o Law of Torts  Tort: A private wrong, an offence against a certain person  Intentional Torts: Assault and imprisonment  Business Torts: Deceit and conspiracy  Negligence: One person carelessly hurts another o Law of Contracts: Concerned with the creation and enforcement of agreements  Sale of goods  Use of negotiable instruments (Cheques)  Real estate transactions (Purchase of land)  Operation of corporations  Employment relationship (Between a business and their employees) o Law of Property: Concerned with the acquisition, use, and disposition of property  Real Property: Land and things that are attached to land  Personal Property: Things that are moved from one place to another  Intellectual Property: Things that consist of original ideas (Copyrights)  Law of Succession: Distribution of a person’s property after death  Law of Trusts: Situation where one person holds property on behalf of another 8. What is significant about section 217.1 of the Criminal Code?  Duty of persons directing work  A company can be convicted on the basis of acts performe
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