LAW 122 Lecture Notes - Lecture 1: Equal Protection Clause, Section 33 Of The Canadian Charter Of Rights And Freedoms, Primary And Secondary Legislation
Document Summary
Is the process of identifying, evaluating and responding to the possibility of harmful events: three types of risks, risk avoidance: where you avoid the risk altogether as they are too serious or risky, ex. Not sending an automobile into market because it explodes all the time and people will die: risk reduction : where risks can be reduced to an acceptable level through precautions. A bank lending out loans while also having a contract for collateral if loan cannot be paid: risk shifting : where the risk is shifted onto another party. Like a contract made by a business man saying that all deaths associated with his product or not his liability: risk acceptance: where it is just appropriate to accept the risk ex. The risk is that the ball might fly and break a window but the likely hood of such is small.