PowerPoint 1 Flashcards
3 steps to risk management:
- Identification.
- Evaluation.
- Response.
Identification
Recognition of legal risks. Can we be held liable for doing something wrong?
Evaluation
Assessment of legal risks. What are the chances of something going wrong?
Response
Reaction to legal risks. What are we going to do about it?
True or false? Every business decision creates some risk.
True.
What are forms of risk management?
- Risk avoidance.
- Risk reduction.
- Risk shifting.
Risk Avoidance
Elimination of risk. Withdraw dangerous product from market.
Risk Reduction
Minimization of risk. Modify product to reduce danger.
Risk Shifting
Make the risk someone else’s problem. Buy liability insurance for losses caused by danger risk acceptance. Choose to live with the risk to do nothing.
Waivers are a form of…
Risk shifting and risk reduction.
Risk Acceptance
Choose to live with the risk. Do nothing.
Why manage risk?
To avoid being sued for negligence.
Waivers have _ compliance (does anyone read them?).
0 (no).
___ limit liability, while ___ do not.
Corporations limit liability, while proprietorships do not.
Law
The body of rules that can be enforced by the court or other government agencies.
Law is like…
The rules of a sport.
True or false? Law is morality/ethics.
False.
Ethics and morality is different from law because…
They require judgement, thought, values, and measuring.
Natural Law
We should know how to treat each other. Natural to know that we should not pollute the world.
What is an argument against the idea that law is not morality?
Lawmakers use morals and ethics to create laws.
Categories of Law
- Substantive law.
- Procedural law.
- Public law.
- Private law.
Law is broken up into ___ law and ___ law at its very base.
Natural, positive.
Substantive Law
Rules determining behaviour.
Procedural Law
How the legal process works.
Public Law
Regulates our relationship with governments.
Private Law
Regulates personal, social, and business relationships.
___ law tries to change people’s behaviour.
Substantive.
Are most laws substantive?
No, most are procedural.
Limitation Periods
You can only sue someone 2 years after the event.
Standing Before the Courts
Only litigator and lawyer retained on your behalf can speak for you.
Domestic Law
Each country has its own laws.
___ law is written down.
Positive.
International Law.
Trade agreements. United Nations. Paris Climate Change Conference. First Nations agreements.
Trade agreements are ___, while Paris Climate Change Conference was not.
Binding.
First Nations agreements are flawed because…
Until it is encoded into domestic law, it is useless.
How do we regulate international law?
Trade embargoes, war.
Constitutional Law
Rules governing basic operation of law and politics.
Administrative Law
Rules governing creation and operation of agencies, boards, tribunals, and omissions that exercise delegated authority.