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Chapter 1

Business law chapter 1 study notes!

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Law and Business
LAW 122

Business LawLaw 122 Chapter 1 Why Study Law y For Business StudentsGoal of a businessmaximize gains and minimize lossesBusiness must make choices and every choice has legal consequencesDifference between winningloosing depends on businesss ability to make the right decisions from a legal perspectiveLaw can hurt and help any business Risk Management y The process of identifying evaluating and responding to the possibility of harmful events Identification y Recognizing the legal risksy Ask yourself Can we be held liable for doing something wrongEvaluation y Assessment Of Legal Risk y Ask yourself What are the chances of something going wrongResponse y Reaction to legal risk y Ask yourself What are we going to do about it Forms of Risk Management y Risk AvoidanceElimination of riskWithdraw dangerous products from the market y Risk ReductionMinimizing riskModify products to reduce the danger y Risk ShiftingMaking the risk another person or businesss problemBuy liability insurance for losses caused by danger y Risk AcceptanceChoosing to live with the r
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