B LAW301- Final Exam Guide - Comprehensive Notes for the exam ( 89 pages long!)

• School: University of Alberta
• Department: Business Law
• Course: B LAW301
• Professor: Jeffrey Bone

Document Summary

Chapter 1: risk management and sources of law. Definition: the process of identifying, evaluating and responding to the possibility of harmful events: identification: recognition of legal risks, evaluation: assessment of legal risks, response: reaction to legal risks. Insurance (risk shifting): liability insurance: provides a benefit if the purchaser is held liable for doing something wrong, property insurance: provides a benefit if the purchaser(cid:3244)s property is damaged, lost or destroyed. Exclusion and limitation clauses: excludes all risk of liability or excludes liability for certain types of acts or certain types of losses, or it may limit the amount of compensation. Generally, it allows people to sign away their right to sue. Incorporation: businesses are set up as corporations or companies where the company itself (and not the directors or shareholders), may be held liable for debts (limited liability). Definition: a law is a rule that can be enforced by the courts or other government agencies.