COMMERCE 4SD3 Lecture Notes - Lecture 99: Alternative Dispute Resolution, Vicarious Liability, Legal Liability
24 May 2016
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Document Summary
Business: businesses need to develop a legal risk management plan, since a lot of business is done internationally. Plan anticipates legal liability & provides preventive & remedial strategies. Legal audit = examining every area of a business for potential legal issues: strategies to manage legal risk. Avoid risk = discontinue the conduct, find another way. Reduce risk = quality control to decrease risk potential. Transfer risk = acceptance of potential risk is transferred to someone else. Absorb risk = realizes & accepts the risk, and budgets for it: the legal profession. Solicitor = office lawyer, prepares cases for trial. Barrister = takes cases from solicitors & presents them in court. Canada: common law provinces lawyers = both solicitors & barristers. Solicitor-client privilege = all communications are confidential w/your lawyer. Paralegal = a non-lawyer but provides a form of legal service: business & the legal profession.
