LAW 122 Study Guide - Midterm Guide: Primary And Secondary Legislation, Equitable Remedy, Property Insurance
21 Jul 2016
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An introduction to the legal system the nature of law a map of the law sources of law. Factors affect success and failure in business decision-making: eg location choice, product, marketing. Positive: eg binding contractual party to promise. Some decisions impose liability, others create opportunities. Can we be held liable for this? evaluation: assessment of legal risks. What are the chances of something going wrong? response: reaction to legal risks. What are we going to do about it? . Live with the risk buy liability insurance for losses caused by da. Do nothing nearly every business decision creates some risk different risks must be treated differently. Exclusion and limitation clauses contractual terms that exclude liability for some acts/losses, or limit compensation available. Limited liability : shareholders not usually liable for company debts. Rules and laws all laws are rules but not all rules are laws.
