LAW 122 Final: LAW122
10 Feb 2017
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Document Summary
Factors of law affect the success of a business. Decisions made within business can have legal consequences or necessary legal steps. Choice of location, product, product marketing all involve the law, legal consequences can affect profit and losses within a business. Liability comes into play when a business commits a wrong. The legal consequences can be eliminated, mitigated and managed using different types of risk management. Identification: you must identify the risk at hand, can we be held liable for doing something wrong? . 1: evaluation: you must evaluate the risk, to see how truly risky it is. What are the chances of something going wrong? : respond: you must choose what to do with the risk, what are we doing to do about it? . There are ways of mitigating or managing these risks : Withdraw (ie. take a dangerous product off the market) Minimization of risk by modifying (motify a dangerous product to make it safe)
