CLASS 1 - Why study law?, Introduction to the Legal System

Question 1

What are the three steps in risk management?

Answer 1

1. Identification
2. Evaluation
3. Response

Question 2

What are the four forms of risk management?

Answer 2

1. Risk Avoidance
2. Risk Reduction
3. Risk Shifting
4. Risk acceptance

Question 3

List and expalin two types of insurance.

Answer 3

Liability Insurance: benefit id insured is held liable for doing something wrong

Property Insurance: benefit is insured’s property is damaged, lost or destroyed

Question 4

What’s a benefit of being incorporated?

Answer 4

“limited liability”: directors/shareholders are not usually liable

• people can personally be liable for torts they commit

Question 5

Discuss civil law versus common law.

Answer 5

Civil law jurisdictions are distinguished from the common law jurisdictions.

Civil law evolved from codes.

Common law is is judge made system based on presidence.

Question 6

What’s the difference between public law and private law?

Answer 6

Public Law: governments deal with their citizens; remedy is imprisonment.

Private Law: applys to private matters involving individuals, corporations and governments; remedy is damages.

Question 7

What are the four types of public law?

Answer 7

1. Constitutaional Law: who’s entitled to create and enforce laws (federal and provincial government); Charter of Rights and Freedoms
2. Administrative Law: creation and operation of administrative agencies, boards, tribunals, and commissions that exercise delegated athority
3. Criminal Law: wrongs against society (white collar and corporate crimes); companies can be convicted under the criminal code.
4. Tax Law