Management and Organizational Studies 2275A/B Lecture 1: Business Law ALL Lecture Notes

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Risk avoidance- don"t take on the risk, walk away from it. Risk reduction- take steps to reduce risk for your business i. e. collateral on loan, due diligence on employees. Risk shifting- putting the risk on someone else i. e. buy insurance. Risk acceptance- understand risk but willing to take that risk. When deciding on which risk management strategy you look at. We all drive over the limit all the time and there is no consequence. People do it but it is not enforced. What is the law? is a more complex question than what we think. If the law is unfair or unjust, it"s up to us to stand up to the law and get it changed i. e. henry morgentaler did abortions when it was illegal and considered murder. But his goal was to get the law changed because he saw it as unjust. Morgentaler was acquitted many times even though he admitted to it.