LAW 122 Lecture Notes - Lecture 1: Constitution Act, 1982, Concurrent Jurisdiction, Primary And Secondary Legislation
Document Summary
The law describes, defines, and intrudes on every aspect of life, and business is no exception: risk management: the process of identifying, evaluating, and responding to the possibility of harmful events. A risk should be decreased to an acceptable level. A risk should be transferred to another party. A risk should be tolerated as a cost of doing business. A risk may be reduced and shifted by contracting for an insurer"s promise to pay if a loss occurs. Exclusion and limitation clause a risk may be reduced or eliminated by contracting for a right to limit or exclude liability. A risk may be reduced by conducting business through a company: business decisions have legal consequences, negative: e. g. dumping pollutants into the water, positive: e. g. facilitating enforceable agreements. Rules and laws: all laws are rules but not all rules are laws. Morality and law: not all moral obligations are legal obligations, moral wrongs are informally punished (damaged friendships)
