Business Law Study Notes

Chapter 1 Rule of law of nature established effectual principles that embrace 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 surreptitious persons and groups of private persons. Also referred to as Civil law. intelligent indebtedness function for the consequences of breaking the law. Criminal liability responsibility arising from counsel 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 frequently 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 victim . Legal Risk eradicatement Legal fortune line of products activities, conduct, events, or scenerios that could expose a wrinkle sector to both type of effectual liability. Legal risk counselling a plan developed by a business that identifies probable sub judice liability and provides preventive and remedial strategies. developing a Legal Risk Management Plan 1. Managers mustiness 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 comprehen sive list of legal risks is developed, the r! isks must be prioritized. 3. Managers must develop effective strategies to pass out with each risk. 4. The business must implement the plan. 5. Plan must be revised regularly. Strategies to Manage Legal Risks: Avoid the risk. garnish the risk. Transfer the risk. Absorb the risk. law and Business Ethics incorporated social responsibility a concept that suggests business decision-makers consider...If you want to get a full essay, shape it on our website: OrderCustomPaper.com

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