LAW 122 Lecture Notes - Lecture 1: Corporate Crime, Parliamentary Sovereignty, Royal Assent

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Valeria Dye

Document Summary

Factors affect success and failure in business: decision making i. e. location, choice, product, marketing. Business decisions have legal consequences: negative i. e. dumping pollutants into environment, positive i. e. binding contractual party to promise. Legal consequences affect profits and losses: some impose liability others create opportunities. The difference b/w winning and losing in the business would depends on the ability to make good decisions from a legal perspective. : process of identifying, evaluating and responding to the possibility of harmful events. There are potential costs associated with every action including not taking action. The goal is not to eliminate risks because businesses need to take chances it"s to (cid:373)i(cid:374)i(cid:373)ize the(cid:373) Steps: ide(cid:374)tifi(cid:272)atio(cid:374): re(cid:272)og(cid:374)ize legal risks (cid:862)(cid:272)a(cid:374) (cid:449)e (cid:271)e held lia(cid:271)le? (cid:863, e(cid:448)aluatio(cid:374): assess(cid:373)e(cid:374)t of legal risks (cid:862)(cid:449)hat are the (cid:272)ha(cid:374)(cid:272)es of so(cid:373)ethi(cid:374)g goi(cid:374)g (cid:449)ro(cid:374)g? (cid:863, response: reaction to legal risks (cid:862)(cid:449)hat are (cid:449)e goi(cid:374)g to do? (cid:863) Risk avoidance: some risks should be eliminated altogether.