Key Terms All Chapters Flashcards
Civil Law
….is the body of law concerned w…
The body of law concerned with civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society
Tort
A Private or civil wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of an award for damages
Breach of Contract
This is the failure, without legal excuse, to perform any PROMISE which forms the whole or part of the contract
You B o C otch!
FAIL, no Excuse, to Perform. You Promised!
Rule of Precedent
basic concept in common law in which current court decisions must follow those made in cases having similar circumstances
Concept in Common Law
Current Court Decisions Follow cases of the past.
Statute Law
Written Law enacted by provincial or federal legislation. It amends or supercedes the common law
Damages
Compensation in money for the loss or damage suffered
Compensatory Damages
Are damages intended to compensate the injured party for the bodily injury or property damage sustained
General Damages
Are damages which cannot be exactly determined in monetary terms but reflect an amount that the court believes necessary to compensate the aggrieved party fairly
Special Damages
Are damages which can be measured as to amount and are often referred to as out of pocket expenses
You’re special, you can be measured!!
Exemplary or Punitive Damages
Damages which are intended to punish defendants for their behaviour or to make an example of them
Nominal Damages
Damages which may be awarded when there is no substantial loss or injury to be compensated, and the court award is being sought, if for no other reason than to establish the validity of the plaintiffs claim when a question of principle is at stake
- No substantial loss
- Validity
- Question of Principle at stake!!!
Doctrine of Negligence
based on the duty of al lpersons to exercise due care in their conduct towards others from which injury may result
Negligence
The failure to do something which a reasonable man, guided by those ordinary considerations which ordinarily regulate human affairs, would do, or the doing of something which a reasonable and prudent man whould not do
Strict Liability
Doctrine based on the assumption that certain activities are so hazardous that in the event of injury or damage arising out of them, the person conducting the activity shall be presumed to be legally liable
Occupier
A Person who has immediate supervision and control of the premises and the power to admit and exclude the entry of others is an occupier
Nuisance
Everything that endanges life or health, gives offence to senses, violates the laws of decency, or obstructs reasonable and comforatable use of the property
Trespass
An unlawful interfence with ones person, property or rights.
Easement
A right of persons to use land belonging to tohers
False Imprisonment
Holding someone without lawful justification in a place against their will
False Arrest
Includes false imprisonment but also includes the additional feature of detaining the victims with the intention that they be turned over to the police for prosecution
Malicious Prosecution
Occurs when:
i) the complainant was arrested and later released and
ii) evidence provided revealed that the person making the complaint did not have an honest belief that a crime had been committed but was guided by other improper motives such as a desire to harass or humiliate the victim
Defamation
Consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect and goodwill of a considerable part of the community
Slander
refers to spoken defamation
Libel
Refers to written defamation
Aggregate Limit
the most the policy will pay during the policy period for all claims for which insurance is provided
Bill of Lading
a document issued by the carrier responsible for transporting or forwarding the goods
Agreed Value
A Fair value of the shipment agreed to in advance by the insured and insurer
Freight
the money payable either for the hire of a vessel or for the conveyance of cargo from one port to another
Actual Total Loss
A loss in which the subject property is totally lost or is so badly damaged that it has no value left
Constructive Total Loss
occurs when the cost of salvaging the cargo is too high relative to the value saved
Particular Average
involves a partial loss to a specific shipment, other than a general Average
General Average
deals with payment for marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed
Surety
State of being sure, certain and secure
Suretyship
The guarantee of performance made by one person or entity for another
Surety Bond
An undertaking by one party (the surety) to become accountable to another party (the obligee) for the performance of an obligation or undertaking by a third party (the principal). It is a promise to provide credit, if and when needed, to ensure the faithful performance of an obligation
Obligee
The party to whom someone else is obligated under a contract. OR the party to whom the bond is given
Principle
The person Primarily liable
Penalty
The amount of credit given to the principal by the surety, or the amount which the surety is prepared to pay in the event the principal should default
Statutory Bond
One that is required by a municipal Ordinance, or federal or provincial regulation or statute
Non-Statutory Bond
Not required by law but flows from the contract or agreement between the parties
Contract Bond
Guarantees the fulfilment of certain obligations required under public and private contracts
Consent of Surety
a letter assuring the owner that if the principle is the successful bidder, the surety will issue such other bonds as are specified to ensure the performance of the contract
Working Capital
The amount of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor
Net Worth
The amount of money remaining after all assets have been liquidated and all liabilities cleared
Licence
Issued by a regulatory body such as government in order to set rules and regulations to safeguard the public
Permit
Fulfils same general function as a license, except that they are usually required as prerequisites to performing special functions incidental to the operation of the business.
Risk Management
is the process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon an organization
Loss Exposure
Is the change of a financial loss to an organization as a result of a particular peril striking a thing of value
Tangible Property
Property that is real, can be touched, and has form and substance
Going Concern Value
The difference in the value of property which must be sold after a loss and its value had the business continued
Intangible Property
Property that has no physical substance and consists of legal rights rather than things
Expediting Costs
The extra Costs incurred in hastening the recovery of a business after a loss
Risk Control
Refers to the steps taken to reduce the frequency and severity of losses as much as possible with the resources that are available
Risk Financing
Is concerned with paying those losses that inevitable occur
Segregation
Involves arranging an organizations activities and resources so that no single event can cause simultaneous losses to all of them
Separation
Involves dividing an organizations single asset or operation into two or more separate units
Duplication
Involves complete reporduction of an organizations own standby asset or facility to be kept in reserve
Retention
Includes all means of generating funds from within the usiness to pay for losses
Contractual Transfer
Includes all means of generating funds from the outside the business to pay for losses
