Business Law Study Notes

Chapter 1 Rule of honor established statutory principles that contend both persons equally and that regime itself obeys. Public law law that regulates the submit of government and the relations between government and surreptitious persons. hugger-mugger law law that regulates the relations between privy persons and groups of private persons. Also referred to as Civil law. levelheaded financial obligation function for the consequences of breaking the law. Criminal financial obligation responsibility arising from commission of an offensive activity against the government or society as a whole. normally matters of public law. Regulatory or quasi-criminal liability responsibility arising from appalles of slight serious rules of public law lots enforced with specialized regulatory tribunals set up by the government for specific purposes. Civil liability responsibility arising from a breach of a private law enforced by a lawsuit initiated by the victi m. Legal Risk eradicatement Legal fortune note activities, conduct, events, or scenerios that could expose a traffic to both type of court-ordered liability. Legal risk trouble a plan developed by a course that identifies probable judicial liability and provides preventive and remedial strategies. maturation a Legal Risk Management Plan 1. Managers essentialiness undertake a legal audit of the operation.

A legal audit is a review of each area, action, and interaction of the business to identify potential difference legal liability and legal compliance risks. 2. After a comprehensive li st of legal risks is developed, the risks mu! st be prioritized. 3. Managers must develop effective strategies to embrace with each risk. 4. The business must implement the plan. 5. Plan must be revised regularly. Strategies to Manage Legal Risks: Avoid the risk. constrain the risk. Transfer the risk. Absorb the risk. law and Business Ethics bodied social responsibility a concept that suggests business decision-makers consider...If you sine qua non to get a full essay, shape it on our website: BestEssayCheap.com

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