COMM231 Chapter Notes - Chapter 1: Debt Management Plan, Private Law, Trade Association

• School: University of Waterloo
• Department: Commerce
• Course: COMM231
• Professor: Joseph Radocchia

Document Summary

Rule of law : established legal principles that treat all persons equally and that government itself obeys. Public law: law that regulates the conduct of government and the relations between government and persons. Private law (civil law): law that regulates the relations between private persons and groups of private persons. When a person breaks the law, they are held responsible for the consequences. Criminal liability: responsibility arising from commission of an offence against the government or society as a whole. Regulatory or quasi-criminal liability: responsibility arising from breaches of less serious rules of public law, enforced through specialize regulatory tribunals set up by the government for specific purposes. Civil liability: responsibility arising from a breach of a private law, enforced through a lawsuit initiated by the victim. Strategies: avoid risk discontinue product, reduce risk decrease the likelihood of the risk, transfer risk- shift the consequences to someone else(insurance, absorb risk used for remote or small valued risks.