LAW 122 Lecture Notes - Lecture 1: False Imprisonment, Ultra Vires, Property Insurance
5 Dec 2015
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Document Summary
Chapter 1: risk management & sources of law. As consumers, we need to be aware of the rules that govern commercial transactions. In employment (public sector), you need to understand not only the nature of gov"t (cid:1) (cid:1) (cid:1) organizations but different laws that may affect you (cid:1) Risk management: process of identifying, evaluating, and responding to the possibility of harmful events. You can"t be successful without taking risks, they all have a cost (cid:1) Risk avoidance: some risks are so serious they should be avoided from start. Financial costs of being held liable will outweigh any sales profits. Risk reduction: some risks can be reduced through certain precautions. Ex: a store will put up signs so they are not liable for lost items. Risk shifting: even if a risk cant be avoided/reduced, it may be shifted. Risk acceptance: sometimes appropriate to simply accept a risk. Damaging someone"s window due to your business.
