Karla Ann Lewis
Professor James Eisneman
University of Phoenix
December 14, 2010
Recognizing and Minimizing Tort and Regulatory Risk Plan
This regulatory risk plan will recognize the most common torts and risks that are associated business regulation simulation that the learning teams of this course studied. This risk plan will also include how regulatory risks will be identified and analyzed through preventive, detective and corrective measures. Also, this risk plan will describe how specific measures are used to manage the particular risk. Therefore, here is the analytical regulatory risk plan that could eventually help any type of business during a dire time within their business.
What is a Tort?
Within the business law terminology, a tort is also alias to the term “wrong”. According to Chapter Five of Business Law, “under tort law, an injured party can bring a civil lawsuit to seek compensation for wrong done to the party or to the party’s property” (Cheeseman, 2010). Within an everyday life, everyone is suing everyone, which is a prime example of tort and negligence being put to use on a daily basis. In the business regulation simulation, Alumina Inc. encountered many different risks and torts due to erroneous issues. For example, the horrific dismays and disagreement that the top level executives had with the suburban housewife led to issues in the media and the business aspect of Alumnia, Inc.
Common Torts and Risks associated to Businesses
According to Cheeseman’s Chapter Five there are three different types of categories of torts that influence businesses. The three different categories of torts are intentional torts, unintentional torts, also known as negligence and strict liability torts. An example of intentional torts is the protection of someone’s privacy and reputation. When businesses intentionally lash out to hinder a person’s privacy and... [continues]
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