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Canada (161,882)
LAW 122 (625)
Chapter

LAW122 - CHAPTER 1

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Department
Law and Business
Course
LAW 122
Professor
Asher Alkoby
Semester
Summer

Description
CHAPTER 1RISK MANAGEMENT AND SOURCES OF LAWWHY STUDY LAWDepends on who you areDifference between winning and losing in the business world often depends upon the ability to make good choices from a legal perspectiveMakes you a better business personRISK MANAGEMENT the process of identifying evaluating and responding to the possibility of harmful eventsEG Writing a candid letter of an employee you dont1 IDENTIFICATION If you accuse her of theft she may sue you for defamation you need to be concerned about liability and the possibility of being sued2 EVALUATION You identified risk of being sued for defamation and you decide candid letter would be legally acceptable because your allegations may be true Even if not you may be justified in sharing your suspicions You think your arguments are strong3 RESPONSE You need to formulate a response either refuse to write her a letter write a letter without your suspicions or write a letter accusing her Goal is not to eliminate risks but manage them because a business cannot exist without taking changes May require a lawyerRISK AVOIDANCE Some risks are so serious that they should be avoided such as a car that may explode the financial costs of being held liable will outweigh any sales profitsRISK REDUCTION Some can be reduced to an acceptable level through precautionsRISK SHIFTING Risk may be shifted to another party Insurance a contract in which one party agrees to pay a certain amount of money if another party suffers a loss It works by spreading the cost of that liability over the entire group Liability Insurance provides a benefit if the purchaser is held liable for doing something wrong and propery insurance provides a benefit if the purchasers property is damaged lost or destroyed Exclusion and limitation clauses held in contracts a contactual term that changes the usual rules of liability may attempt to exclude all risk of liability or exclude liability for certain types of actslosses or limit the amount of compensation that is available Incorporation An indiviual who chooses to act in a personal capacity may be held personally liable for any debts or liabilities incurred by the business to avoid risks businesses set up as corporations or companies for limited liabiliyRISK ACCEPTANCE Sometmes you should just accept itINTRO TO LEGAL SYSTEMNot every rule is a law Law is a rule that can be enforced by the courts A public wrong an offence against society as a wholeMAP OF LAWCivil Law trace their history to ancient Rome the only civil law jurisdiction in Canada is Quebec which borrows its law from France Jusrisdiction a geographical area that uses the same set of laws Common Law trace their history to England Canada Australia New Zealand and most of US
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