BU353 Chapter Notes - Chapter 10: Contributory Negligence, Moral Hazard, Liability Insurance
Document Summary
Common law the law that have evolved over time as a result of previous court decisions. Statutory law laws that have been passed into written form by the federal parliament, provincial legislatures, and municipalities. Criminal law covers acts against local government or the federal government. Civil law deals with acts that causes losses to another individual, but for which society has less direct interest. Contract law interprets contractual provisions and resolves disputes between contractual parties, such as when one party is harmed as a result of another party"s failure to fulfill its contractual obligations. Liability for harm to another person varies depending on the context. Negligence defendant is liable if found negligent, but might be able to avoid liability using certain defenses. Defendant is liable even if not negligent, but might be able to avoid liability using certain defenses. Liability of firms for damages resulting from defective products. Compensatory damages designed to compensate injured parties for losses.
