Business Law > COURSE NOTES > LAW 122 Business Law - Ryerson University. Final Exam Notes. All Chapters 1-12 (All)

LAW 122 Business Law - Ryerson University. Final Exam Notes. All Chapters 1-12

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LAW 122 Business Law - Ryerson University. Final Exam Notes. All Chapters 1-12 Chapter 1: Risk Management • Why Study Law as Business Students? o Goal of business is to make money o Knowledge of... Law – leads to greater risk management, reduces potential costs, increases potential profits o All Business Choices have Legal Consequences o Legal Education Plays a Critical Role in Risk Management • What Is Risk Management ? o “The process of identifying, evaluating, and responding to the possibility of harmful events” 3 steps to Risk Management: 1. identification: recognition of legal risks “can we be held liable for doing something wrong?” 2. evaluation: assessment of legal risks “what are the chances of something going wrong?” 3. response: reaction to legal risks “what are we going to do about it?” • Nearly every business decision creates some risk • Risk Strategies: o Avoidance - not engage in risky business activity (not sell certain product or service ie. cars with exploding fuel tanks) o Reduction - reduce occurrence of risk by modifying business practices (wiping floor if wet) o Shifting – shift risk to another party through contract or through insurance policy (purchase insurance for car accident) o Acceptance – sometimes appropriate for business to accept the risk (lucrative contract) o Examples of Risk Management: 1 Business Law: LAW122 o Insurance: liability insurance; property insurance o Exclusion and Limitation clauses: contractual terms that exclude liability for certain types of acts / losses, or that limit the amount of compensation available o Incorporation: “limited liability”: directors and shareholders are not usually liable for debts of the company Introduction too Legal System • What is law? o A rule that can be enforced by the courts o All laws are rules but not all rules are laws ie. Rule against handling soccer ball is not law • Legal Obligation vs. Moral Obligation (raises ethical considerations as well) o Moral wrongs are informally sanctioned – loss of friendship o Legal wrongs are formal –imprisonment or payment • Ethical/Morals o Can I watch someone drown without incurring legal liability? If I can legally do it, should I? Ethically, is it okay o Ethical Reasoning: Focus on WHY something is ethically right or wrong, not just whether it is right or wrong 4 Types of Ethical Reasoning • When values collide, we can use different modes of analysis to make good judgments in hard cases 1. Consequence: the greatest good for the greatest number 2. Justice and fairness: Give people their just desserts, pay your debts, maintain a level playing fields 3. Right and Duties: Respect rights 4. Character and Virtue: what kind of people do we want to be [Show More]

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