LAW 122 Chapter Notes - Chapter 1: Royal Assent, Primary And Secondary Legislation, Equal Protection Clause
4 Mar 2014
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Risk management: process of identifying, evaluating and responding to the possibility of harmful events should be concerned about liability (litigation = time + 31422$) Goal of risk management is not necessarily to eliminate risk but to manage them. So serious risk should be avoided altogether (car that explodes) Reduced to acceptable level through precautions (mortgages) clauses, hiring independent contractor vs. employee). Shift risk onto another party (insurance, exclusion/limitation. Insurance amount of money if another party suffers a loss. Contract in which one party agrees, in exchange for a price, to pay a certain. 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 clauses. : is contractual term that changes the usual rules of liability. While exclusion clauses are subject to certain rules and restrictions, the law generally allows people to sign away their right to sue.
