LAW 122 Chapter Notes - Chapter 1: Royal Assent, Section 33 Of The Canadian Charter Of Rights And Freedoms, Parliamentary Sovereignty
LAW - Chapter 1 - Risk Management and Sources of Law
Risk management - the process of identifying, evaluating and responding to the
possibility of harmful events
You need to identify, evaluate and respond to the legal risks involved
Identification: you need to be concerned about liability, being held legally
responsible
Evaluation: you may decide that a candid letter would nevertheless be
legally acceptable
Response: you need to formulate a response
Risk avoidance - some risks are so serious that they should be avoided all together
Risk reduction - some risks can be reduced to an acceptable level through
precautions
Risk shifting - even if a risk cannot be avoided or reduced, it may be shifted onto
another party
Insurance - a contract in which one party agrees to pay a certain amount of money
if another part suffers a loss
Liability insurance provides a benefit id the purchaser is help liable for doing
something wrong
Property insurance provides a benefit if the purchasers’ property is damaged
Exclusion and limitation clauses - such a clause is a contractual term that changes
the usual rules of liability
The most significant benefit of incorporation is limited liability - usually only the
company itself , not the directors or shareholders, that may be held liable for debts
In house counsel - a company’s permanent legal department
Law - is a rule that can be enforced by the courts
Civil law - systems trace their history to ancient Rome (Quebec)
Jurisdiction - a geographical area that uses the same set of laws
Common law - systems trace their history to England
Public law
Public law - concerned with governments and the ways is which they deal with
their citizens
Constitutional law - provides the basic rules of our political and legal
systems
Administrative law - concerned with the creation and operation of
administrative agencies, boards, commissions, and tribunals
Criminal law - deals with offences against the state
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Document Summary
Law - chapter 1 - risk management and sources of law. Risk management - the process of identifying, evaluating and responding to the possibility of harmful events. You need to identify, evaluate and respond to the legal risks involved. Identification: you need to be concerned about liability, being held legally responsible. Evaluation: you may decide that a candid letter would nevertheless be legally acceptable. Response: you need to formulate a response. Risk avoidance - some risks are so serious that they should be avoided all together. Risk reduction - some risks can be reduced to an acceptable level through precautions. Risk shifting - even if a risk cannot be avoided or reduced, it may be shifted onto another party. Insurance - a contract in which one party agrees to pay a certain amount of money if another part suffers a loss. Liability insurance provides a benefit id the purchaser is help liable for doing something wrong.
