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    2) List 4 Strategies For Managing Risks.: LGST 369 Unit 1

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    christina Shin
    This document provides an overview of key concepts in business law. It discusses [1] why studying law is important for risk management in business, [2] strategies for managing risks like avoidance, reduction, shifting, and acceptance. It also lists [3] common risk management strategies like insurance and limitation of liability clauses. The document then [4] defines law and provides examples of how different areas of public law like constitutional, administrative, criminal, and tax law relate to business. It also lists three areas of private law - contract, tort, and property - and gives examples of each. Finally, it [5] compares tort and contract law and [6] explains how federalism relates to the division of powers in Canada.

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    2) List 4 Strategies For Managing Risks.: LGST 369 Unit 1

    Uploaded by

    christina Shin
    134 views2 pages
    This document provides an overview of key concepts in business law. It discusses [1] why studying law is important for risk management in business, [2] strategies for managing risks like avoidance, reduction, shifting, and acceptance. It also lists [3] common risk management strategies like insurance and limitation of liability clauses. The document then [4] defines law and provides examples of how different areas of public law like constitutional, administrative, criminal, and tax law relate to business. It also lists three areas of private law - contract, tort, and property - and gives examples of each. Finally, it [5] compares tort and contract law and [6] explains how federalism relates to the division of powers in Canada.

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    LGST 369 Unit 1

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    This document provides an overview of key concepts in business law. It discusses [1] why studying law is important for risk management in business, [2] strategies for managing risks like avoidance, reduction, shifting, and acceptance. It also lists [3] common risk management strategies like insurance and limitation of liability clauses. The document then [4] defines law and provides examples of how different areas of public law like constitutional, administrative, criminal, and tax law relate to business. It also lists three areas of private law - contract, tort, and property - and gives examples of each. Finally, it [5] compares tort and contract law and [6] explains how federalism relates to the division of powers in Canada.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    134 views2 pages

    2) List 4 Strategies For Managing Risks.: LGST 369 Unit 1

    Uploaded by

    christina Shin
    This document provides an overview of key concepts in business law. It discusses [1] why studying law is important for risk management in business, [2] strategies for managing risks like avoidance, reduction, shifting, and acceptance. It also lists [3] common risk management strategies like insurance and limitation of liability clauses. The document then [4] defines law and provides examples of how different areas of public law like constitutional, administrative, criminal, and tax law relate to business. It also lists three areas of private law - contract, tort, and property - and gives examples of each. Finally, it [5] compares tort and contract law and [6] explains how federalism relates to the division of powers in Canada.

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    LGST 369 Unit 1

    1) Why study law?


    A goal in any business is to maximise gains and minimize loss. In order to minimize loss, it is important for
    businesses to have some form of legal education as law plays a critical role in risk management; the process
    of identifying, evaluating, and responding to the possibility of harmful events.

    2) List 4 strategies for managing risks.


    i) Avoidance – a risk should be avoided altogether
    ii) Reduction – a risk should be decreased to an acceptable level
    iii) Shifting – a risk should be transferred to another party
    iv) Acceptance – a risk should be tolerated as a cost of doing business

    3) List three strategies for risk management that business often use in different situations.
    Insurance – a risk may be reduced and shifted by contracting for an insurer’s promise to pay if a loss occurs

    Exclusion and limitation clause – a risk may be reduced or eliminated by contracting for a right to limit or
    exclude liability

    4) General definition of the word “Law”


    Law is a rule that can be enforced by the courts.

    5) List four areas of public law and three areas of private law. Provide examples that demonstrate how each
    one of those areas is relevant to business people.

    Four areas of Public Law

    Constitutional - provides the basic rules of our political and legal systems//
    - Determines who is entitled to create and enforce laws, and it establishes the
    fundamental rights and freedoms that Canadians enjoy.

    Administrative- is concerned with the creation and operation of administrative agencies, boards,
    commissions, and tribunals.
    - Human rights tribunal – may decide that a corporation discriminated against
    women by paying them less than it paid men for work of similar value.

    Criminal- deals with offences against the state.


    - People who break rules that are designed to prtect society as a whole like
    stealing, fraud ect.

    Tax- is concerned with the rules that are used to collect money for public spending
    - The various branches of government, such as Parliament, administrative bodies,
    and courts, require a great deal of money to operate. Business community
    affected by these taxes.

    Three areas of Private Law

    Contract – is concerned with the creation and enforcement of agreements.


    - Extremly important in business as busness is based on transactions, and the low
    of contracts governs virtually every one of them.

    Tort – is a private wrong, an offence against a particular person.


    - Ie. Intentional tort such as assault and false imprisonment
    Property – is concerned with the acquisition, use, and disposition of property
    - Real property involves land and things that are attached to land

    6. Outline one way in which tort and contract law are similar and two ways in which they are different.

    Tort and Contract law similarity.

    Structure – both tort and contract involve primary and secondary obligations.
    See Concept Summary 3.2 Comparing Tort and Contract

    7. Explain how federalism is related to the division of powers.

    Federalism is a political system in which government power and responsibility is divided between a federal
    legislature and provincial legislatures. Federal government has jurisdiction over the entire country (residual
    power), and provincial government has jurisdiction over its portion of the population and region. Both
    levels of government get their authority from the Constitution; but it includes feature that are incompatible
    with a strict approach to federalism.

    8. Describe the Canadian Charter of Rights and Freedoms and provide several examples of how it can help
    or hurt a business.

    Charter of Rights and Freedoms was written into the Constitution; it was introduced to protect basic rights
    and freedoms.

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