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Canada (161,957)
LAW 122 (625)
Stan Benda (71)
Chapter 1

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Law and Business
LAW 122
Stan Benda

Managing the law Chapter 1 Risk Movement: Is the process of identifying, evaluating and responding to the possibility of harmful events Torts: A wrongful act or an infringement of a right (other than under contract) leading to legal liability. Need to identify,  Identification - Need to be concerned with possibility of being sued  Evaluation - Evaluate the needed and what they need to do. Ex. Send a legal candid letter  Response - You can refused to send a letter. Circumstances of risk management (page 4)  Risk avoidance - Some so serious that it is better to just avoid altogether - Ex car keeps blowing up just recall them and don’t try and fix  Risk reduction - Some can be reduced to an acceptable level - Ex bank grants a mortgage to someone who might not be able to pay so they can at least gain the property  Risk shifting - Through insurance or exclusion - Ex you are making a building so you hire a external independent contractor to set up crane. If crane fails and someone dies then independent contractors problem  Risk Acceptance - Sometimes just accept even if not exactly your fault because its small enough to handle - Ex gold course blamed for broken window but may not be golf course fault but they pay anyways  Insurance - One party agrees to pay certain amount if loss occurs for a price - Liability insurance provides benefit for those liable for doing something wrong - Property insurance for if damaged, lost or destroyed  Exclusion and limitation clauses - Contracts contain exclusion or limitation clauses - Posting a notice is also an example  Incorporation - Company is liable for debts and not the owners nor shareholders A Map of the Law (page 7)Civil law: Systems trace their history to ancient Rome Jurisdiction: is a geographical area that uses the same set of laws Common law: systems trace their history to England Public Law (page 8)  Is concerned with governments and the ways in which they deal with heir citizens  Constitutional law: provides the basic rules of our political and legal systems  Administrative law: is concerned with the creation and operation of administrative agencies and tribunals  Criminal law: deals with offense against the state - White collar crimes: guys in suits like if manager steals from till - Corporate crime: when entire company is in wrong like when car dealer sets back km  Tax law: is concerned with the rules that are used to collect money for the purpose of public spending
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