LAW 122 Lecture Notes - Lecture 1: Critical Role, Ultra Vires, Risk Management
22 Oct 2017
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Risk management the process of identifying, evaluating, and responding to the possibility of harmful events. Identify: who is liable and why: evaluate: probability of risk (of being countersued, respond: manage risk and make decision. Best to pay for damages and hope for best) Incorporation: the company itself (not directors/shareholders) may be held liable for debts. Law: fixes liability, determines when/how much liability/damages, considers whether you mitigated or managed properly (e. g. car insurance) Law a set of principles & rules that courts will enforce (formally sanctioned) Morality way of thinking (reasoning) about these principles and rules (informally sanctioned) i. e. important to ask why and how . Ethical reasoning why something is right or wrong, not just whether it"s legal or prohibited. Civil law making the rules (from book: originated in ancient rome, code based (used in france, most of europe, louisiana, quebec) Common law judge-made laws/cases (dispute-based: originated in england, used in commonwealth: england, australia, new zealand, most of canada.
