LAW 122 Lecture 1: LAW122 Week 1 Ch 1&2

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Lori Anne Heckbert

Document Summary

& governs the most important issues: freedom to chose, who you can marry, kids, taxes, etc. Chapter 1 risk management and sources of law. Every business choice has legal consequences< profitable, disastrous. Factors affect success and failure in business decision making. Some decisions impose liability, others create opportunities. Egulato(cid:396)s (cid:449)ho(cid:373) ha(cid:448)e k(cid:374)o(cid:449)(cid:374) si(cid:374)(cid:272)e (cid:1006)(cid:1004)(cid:1005)(cid:1008) a(cid:374)d ha(cid:448)e(cid:374)(cid:859)t a(cid:272)ted upo(cid:374) it a(cid:396)e also lia(cid:271)le. Risk management: may require you to hire a lawyer, as a business person you need to know enough about the law to recognize potential problems. Many businesses have in-house counsel, instead of hiring lawyers when needed companies may create a permanent legal department. You need to identify, evaluate, and respond to the legal risks involved. Identify: in any event, you need to be concerned about liability. Evaluation: after identifying the risk of being sued for defamation, you may still write a letter or accuse someone.