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LAW 122 (625)
Chapter 1

LAW122 Chapter 1 Notes.docx

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Department
Law and Business
Course
LAW 122
Professor
Leigh Lampert
Semester
Fall

Description
LAW122 – Business Law – Chapter 1 Factors affecting success or failure of a business: - Primarily decision-making abilities - Business decisions have legal consequences - Negative/positive consequences - Legal consequences affect profits and losses - Liability imposed for poor decisions - Exploitation of opportunities by good decisions Three Steps to Risk Management 1) Identification – recognition of legal risks 2) Evaluation – assessment of legal risks 3) Response – reaction to legal risks Forms of Risk Management - Risk Avoidance – elimination of risk - Risk Reduction – minimization of risk - Risk Shifting – make the risk someone else’s problem - Risk Acceptance – choose to live with the risk Examples: - Insurance (liability, property, etc.) - Exclusion and limitation clause - Contractual terms that exclude liability for certain types of acts/losses, or that limit the amount of compensation available - Incorporation - Limited liability – directors and shareholders are not usually liable for debts of the company - Employees, directors and officers may still be held personally liable The Nature of Law - Rules & Laws - All laws are rules but not all rules are laws - Morality and Law - Moral wrongs are informally sanctioned - Legal wrongs are formally sanctioned - Laws = Rules that can be enforced by courts Laws are evolving, “malleable” process, rather than a static list of do’s and don’ts - Laws evolve to reflect changes in society (social beliefs, equality, e-commerce, alcohol, etc.) - Humans try to strike balance between conflicting interests - Since it evol
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