• Identify: identify the risk that you can be sued and held legally responsible.
• Evaluate: evaluate the risks.
• Response: formulate responses to the risk.
▯The goal is not to eliminate risk, it is to manage them.
• Risk Avoidance: Risks are so serious that they are avoided altogether
• Risk Reduction: Reduce the risk/the effect of it
• Risk Shifting: Important strategies for shifting risk are insurance and exclusion
• Risk Acceptance: accepting the risk and taking it.
▯ nsurance: contract in which one party agrees, in exchange for a price, to pay a certain
amount of money if another party suffers a loss. It shifts the risk
• Liability Insurance: purchaser is held liable for doing something wrong.
• Property insurance: purchasers property is damaged, lost, or destroyed.
▯ xclusion and Limitaion Clauses: Attempt to exclude all risk, excluade liability for
certain risk, or limit the amount of compensation available. EG. “Park at your own risk.”
▯Incorporation: Limited liability. It does not protect individuals from ALL risk.
Inhouse Counsel: A companies own permanent legal system.
**It is difficult to distinguish between moral and legal obligations**
Civil Law: Systems trace their history to ancient Rome (Quebec only)
Jurisdiction: geographic area that uses same set of laws.
Common Law: systems trace their history to England.
TYPES OF LAW:
Public Law: concerned with goverments and the ways in which hey deal with their
Constitutional Law: provides the basic tules of our political and legal systems. (who is
entitles to create and enforce laws)
Administrative Law: concerned with the creation and operation of admin agencies and
Criminal Law: deal with offences against the state. Deals with people who break rules
that are designed to protect society. • You can commit both a tort (did something to me personally) and a crime (done
something wrong to entire community)
• White collar crimes are committed by people in suits.
Tax Law: concerned with the rules that are used to collect money for the purposes of
Private Law: concerned with the rules that apply in private matters.
• Individuals or corporations (corporations are seen as individuals)
• Three parts:
1. Tort Law
2. Contract Law
3. Property Law
Tort: A private wrong (Offense against a particular INDIVIDUAL)
• Intentional Torts
• Business Torts
• Tort of Negligence
Law of Contracts: Creation and enforcement of agreements.
• Sale of goods
• Real estate transactions
• Operation of corporations
• Employment Relationships
Law of Propety: concerned with aqusition, use, and disposition of property.
• Real property