LAW 122 Lecture Notes - Lecture 1: Liability Insurance, Property Insurance, Legal Education
12 Feb 2018
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Document Summary
Why study law: the difference between winning and losing in the business world depends on the ability to make good choices from a legal perspective, various factors a ect success and failure in business. Decision-making: eg location choice, product, marketing: legal factors a ect pro ts and losses. Liabilities / opportunities: business decisions have legal consequences. Positive: eg binding contractual party to promise. Risk management: legal education plays a critical role in risk management. The nature of law: laws are a set of principles and rules that courts will enforce, a way of thinking (or reasoning) about these principles and rules. It is not just the result of a case (who won?) that matters. The reasons for the result are where law happens. So, it is important to ask why and how , not just who won : laws are formally sanctioned , morals/ ethics are informally sanctioned- courts won"t do anything about that, although it is wrong (lying)
