MGSC30H3 Lecture Notes - Corporate Crime, False Imprisonment, Personal Property
Document Summary
Ch 1: risk management and sources of law. Risk management- the process of identifying, evaluating, and responding to the possibility of harmful events. Insurance- a contract in which one party agrees, in exchange for a price, to pay a certain amount of money if another party suffers a loss. Liability insurance- provides a benefit if the purchaser is held liable for doing something wrong. Property insurance- provides a benefit if the purchaser"s property is damaged, lost or destroyed: 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 hat is available. Incorporation the benefit of incorporating is limited liability. Law- a rule that can be enforced by the courts. Civil law systems- trace their history to ancient rome.
