LAW 122 Chapter Notes - Chapter 1: Federal Crime In The United States, Tax Law, Royal Assent
25 Dec 2014
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Risk management: an introduction to the legal system. The nature of law a map of the law sources of law. Business and risk management businesses must manage legal risks three steps to risk management: identification: recognition of legal risks. Can we be held liable for doing something wrong? : evaluation: assessment of legal risks. What are the chances of something going wrong? : response: reaction to legal risks. What are we going to do about it? . Examples of risk management do nothing insurance liability insurance property insurance exclusion and limitation clauses 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 for the torts they commit. All laws are rules but not all rules are laws.
