LAW 122 Midterm Study Questions and Answers |
New 2025/2026 Update | With Complete Solutions
Factors of Risk Management
-Risk avoidance
-Risk reduction
-Risk shifting
-Risk acceptance
Insurance
is a contract in which one party agrees, in exchange for a price to pay a certain amount of money
if another party suffers a loss.
Types of Insurance
-Liability
-Property
Liability Insurance
provides a benefit if the purchaser is held liable for doing something wrong
Property Insurance
provides a benefit if the purchaser's property is damaged, lost, or destroyed
Law
rule that can be enforced by the courts
Civil Law
,systems trace their history to ancient Rome
Jurisdiction
geographical area that uses the same set of laws
Common Law
systems trace their history to England
Two Types of Canadian Law
-Public
-Private
Public Law
concerned with gov't and the ways in which they deal with their citizens:
-constitutional law
-administrative law
-criminal law
-tax law
constitutional law
provides the basic rules of our political and legal systems
administrative law
is concerned with the creation and operation of administrative agencies, boards, commissions,
and tibunals
Criminal Law
, deals with offenses against the state (designed to protect society)
White-Collar Crimes
are committed by people in suits ( a manager who steals money from the petty-cash drawer)
Tax Law
is concerned with the rules that are used to collect money for public spending
private law
is concerned with the rules that apply in private matters
Three parts to private law
-law of torts
-law of contracts
-law of property
tort
private wrong, generally consists of a failure to fulfill a private obligation that was imposed by
law
the law of contracts
is concerned with the creation and enforcement of agreements
the law of property
is concerned with the acquisition, use, and disposition of property
Sources of Law
New 2025/2026 Update | With Complete Solutions
Factors of Risk Management
-Risk avoidance
-Risk reduction
-Risk shifting
-Risk acceptance
Insurance
is a contract in which one party agrees, in exchange for a price to pay a certain amount of money
if another party suffers a loss.
Types of Insurance
-Liability
-Property
Liability Insurance
provides a benefit if the purchaser is held liable for doing something wrong
Property Insurance
provides a benefit if the purchaser's property is damaged, lost, or destroyed
Law
rule that can be enforced by the courts
Civil Law
,systems trace their history to ancient Rome
Jurisdiction
geographical area that uses the same set of laws
Common Law
systems trace their history to England
Two Types of Canadian Law
-Public
-Private
Public Law
concerned with gov't and the ways in which they deal with their citizens:
-constitutional law
-administrative law
-criminal law
-tax law
constitutional law
provides the basic rules of our political and legal systems
administrative law
is concerned with the creation and operation of administrative agencies, boards, commissions,
and tibunals
Criminal Law
, deals with offenses against the state (designed to protect society)
White-Collar Crimes
are committed by people in suits ( a manager who steals money from the petty-cash drawer)
Tax Law
is concerned with the rules that are used to collect money for public spending
private law
is concerned with the rules that apply in private matters
Three parts to private law
-law of torts
-law of contracts
-law of property
tort
private wrong, generally consists of a failure to fulfill a private obligation that was imposed by
law
the law of contracts
is concerned with the creation and enforcement of agreements
the law of property
is concerned with the acquisition, use, and disposition of property
Sources of Law
