Sept 7th,2021
LAW122 W1: Chapter 1: Risk Management &
Sources Of Law
Chapter 1: Risk Management and Sources of Law
Risk Management
- It is the process of identifying, evaluating, and responding to the possibility
of harmful events.
Identification
Evaluation
Response
After you identified and evaluated the risks, you need to
formulate a response. You can refuse to write the letter,
or write the letter that accuse your former employee of
theft.
3 Strategies for Counter for Risk Management
1. Insurance
2. Liability Insurance
o A benefit if the purchaser is held liable for doing something wrong.
3. Exclusion clauses
o Many businesses make money by selling goods or services. Those
sales are created by contracts. Those contracts are often contained
, Sept 7th,2021
exclusion or limitation causes such as risk of liability, e.g., park at
your own risk for customers.
4. Incorporation
- An individual who chooses to act in a personal capacity may be help
personally liable for any debts or liabilities incurred by the business.
Law
- A law is a rule that can be enforced by courts
Public Law
- It is concerned with government and the ways in which they deal with their
citizens
o This includes
Constitutional law
Administrative law
Criminal law
Tax law
Criminal Law:
- It deals with offences against the state
Constitutional Law
LAW122 W1: Chapter 1: Risk Management &
Sources Of Law
Chapter 1: Risk Management and Sources of Law
Risk Management
- It is the process of identifying, evaluating, and responding to the possibility
of harmful events.
Identification
Evaluation
Response
After you identified and evaluated the risks, you need to
formulate a response. You can refuse to write the letter,
or write the letter that accuse your former employee of
theft.
3 Strategies for Counter for Risk Management
1. Insurance
2. Liability Insurance
o A benefit if the purchaser is held liable for doing something wrong.
3. Exclusion clauses
o Many businesses make money by selling goods or services. Those
sales are created by contracts. Those contracts are often contained
, Sept 7th,2021
exclusion or limitation causes such as risk of liability, e.g., park at
your own risk for customers.
4. Incorporation
- An individual who chooses to act in a personal capacity may be help
personally liable for any debts or liabilities incurred by the business.
Law
- A law is a rule that can be enforced by courts
Public Law
- It is concerned with government and the ways in which they deal with their
citizens
o This includes
Constitutional law
Administrative law
Criminal law
Tax law
Criminal Law:
- It deals with offences against the state
Constitutional Law
