Chapter 1: Risk Management and Sources of Law Flashcards
Risk Management
The process of identifying, evaluating, and responding to the possibility of harmful events.
Liability
Risk of being held legally responsible.
Law
A rule that can be enforced by the courts.
Civil Law
Systems that trace their history to ancient Rome.
A Jurisdiction
A geographical area that uses the same set of laws.
Common Law
Systems that trace their history to England.
Public Law
Law that is concerned with governments and the ways in which they deal with their citizens.
Public law includes:
- Constitutional law.
- Administrative law.
- Criminal law.
- Tax law.
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.
White Collar Crime
Committed by people in suits.
Corporate Crime
For example, when a used car company rolls back odometers.
Tax Law
Concerned with the rules that are used to collect money for public spending.
Private Law
Concerned with the rules that apply in private matters.
3 divisions in private law:
- Torts.
- Contracts.
- Property.
Tort
A private wrong.
3 divisions in torts:
- Intentional torts.
- Business torts.
- Negligence.
The Law of Contracts
Concerned with the creation and enforcement of agreements.
The law of contracts includes:
- Sale of goods.
- Use of negotiable instruments.
- Real estate transactions.
- Operation of corporations.
- Employment.
The Law of Property
Concerned with the acquisition, use, and disposition of property.
3 divisions in the law of property:
- Real property.
- Personal property.
- Intellectual property.
Law of Succession
Distribution of property after death.
Law of Trusts
Situation in which one person holds property on behalf of another.