Law 122
Chapter 1
Risk Management and Sources of Law
Risk Management
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
Risk Management and Sources of Law
Risk Management
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