LAW 122 Lecture Notes - Lecture 1: Independent Contractor, Intentional Tort, Corporate Crime
14 Dec 2015
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Risk management process of identifying, evaluating, and responding to the possibility of harmful effects. Evaluation look at all of the alternatives you can use to. Response choose which of the alternatives is the best. Risk shifting shift onto another party. (i. e. independent contractor to use crane instead of own person. Company can get sued, but independent contractor will get the suit. Insurance contract where one person agrees to pay money for another party suffering a loss. Exclusion and limitation clauses contractual term that changes the usual rules of liability. May attempt to exclude all risk of liability or it may exclude liability for certain types of acts or certain types of losses, or it may limit the amount of compensation that is available. Incorporation limited liability in a corporation; you only need to pay how many stakes you buy into the company.
