Risk Management and Sources of Law
Risk Management – is the process of identifying, evaluating and responding to the possibility of harmful events. Risk Avoidance – A risks that should be avoided altogether. (Ex. Ford Pinto and exploding on impact) Risk Reduction – Risk that can be reduced to an acceptable level through precautions. (Ex. Banks loans and collateral) Risk Shifting – Risk that can be put on a different party. (Ex. hiring an independent contractor) Risk Acceptance – Sometime it is appropriate to accept the risk. (Ex. golf course and broken windows) Insurance – is a contract in which one party agrees, in exchange for a price, to pay if suffered a loss. Exclusion and Limitation Clauses – Contracts that contain exclusion and limitation clauses (Ex. we are not reasonable for any lost or stolen articles) Incorporation – the company itself is liable and not the directors and shareholders. The Nature of Law
Law – is a rule that can be enforced by the courts.
Moral Obligations – the way society feels that I should act. A Map of the Law
Common Law – systems track their history to England (All of Canada except Quebec) Civil Law – systems track their history to ancient Rome. (Quebec) Jurisdiction – is a geographical area that uses the same set of laws * In Canada, we all have the same criminal laws and constitutional laws Public Law
Public Law – is concerned with governments and the ways in which they deal with their citizens Constitutional Law – provides the basic rules of our political and legal. Administrative Law – is concerned with the creations and operation of administrative agencies and tribunals. Criminal Law – deals with offences against the state.
Tax Law – is concerned with the rules that are used to collect money for the purposes of public spending. Private Law
Private Law – is concerned with the rules that apply in private matters A Tort – is a private wrong.
Law of Contracts – is concerned with the creation and enforcement of agreements Law of Property – is concerned with the acquisition, use, and disposition of property. (1) Real Property – land and things attached to land
(2) Personal property – things that can be moved from one place to another (3) Intellectual property –original ideas (Ex. patents and copyrights)
The Constitution – is the document that creates the basic rules for Canadian society, including its political and legal system. The Division of Powers – States the areas in which each level of government can create laws Federal – The House of Commons (Ottawa) & the Senate (appointed to their jobs) Provincial and Territorial – Canadians elect politicians to repent them within their own provinces and territories. * Canada is a federal country because it has two levels of government Division of Powers
| Provincial or Territorial
| Property and Civil Rights
| Direct taxation to raise money for provincial purposes
| Unemployment Insurance
| Corporations with provincial Objects
| The creation of Municipalities
Bankruptcy and Insolvency
| Matters of a local or private nature within a province
Negotiable instruments (Ex. cheques)
| Heath Care
Internal and interprovincial trade and commerce
Navigation and shipping
Any matter that is not exclusively given to the provinces (Peace, order, and good government)
| Residual Power – gives the federal government authority over everything that is not specifically mentioned. (Ex. telecommunications and air travel) The Doctrine of Federal Paramountcy – Determines which law is pre-eminent based on the Constitution’s division of power Limitations
Economic, Property rights
Charter of Rights and Freedoms
The Charter protects a large number of rights and freedoms.
* Democratic Rights (Sections 3-5)
* Legal Rights (Sections 8-14)
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