Law Midterm Notes.docx - Chapter 1 Why Do We Need Law 1 Law...

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Chapter 1 Why Do We Need Law? 1. Law is needed to protect people, property, and society as a whole; it prohibits conduct that society believes could be harmful to others 2. Law gives government the power to act for the benefit of society as a whole 3. Law regulates the interaction and relationships between individuals (Ex: allows us to make legally binding agreements) 4. It provides a framework within which freedoms and rights can be exercised Rule of Law – established legal principles that treat all persons equally and that government itself obeys Public Law – law that regulates the conduct of government and the relations between government and private persons Private Law – law that regulates the relations between private persons and groups of private persons Legal Liability – responsibility for the consequences of breaking the law Lawmakers Use 3 Forms of Liability to Influence Individual Behaviour: Criminal Liability – responsibility arising from commission of an offence against the government or society as a whole (Ex: Murder) Regulatory/Quasi-Criminal Liability – responsibility arising from breaches or less serious rules of public law, often enforced through specialized regulatory tribunals set up by the government for specific purposes (Ex: Speeding Ticket) Civil Liability – responsibility arising from a breach of a private law, enforced through a lawsuit initiated by the injured victim (Ex: Failing to pay rent) Legal Risk – business activities, conduct, events, or scenarios that could expose a business to some type of legal liability Legal Risk Management Plan – a plan developed by a business that identifies potential legal liability and provides preventative and remedial strategies Legal Audit – a review of each area, action, and interaction of the business to identify potential legal liability and legal compliance risks Steps in the Development of a Legal Risk Management Plan: Identify Potential Legal Risks Assess and prioritize each legal risk based on likelihood and magnitude Develop a strategy to address each risk from both proactive and reactive perspectives Implement the plan Regularly review and update the plan Basic Law – a constitution that lists the founding legal principles accepted by the citizens of a country and that they regard as legitimate and binding Statutes – pieces of legislation passed by government Regulations – administrative rules implemented by government as a result of authorization given in a statute Case Law – a collection of individual cases decided by the courts that develop and shape legal principles (Judge-Made Law) Who Makes Law? Law comes from a variety of sources: o The Constitution – the basic law from which all other laws draw their power This law might be created by a sovereign, such as a monarch, or by a government A constitution is a ‘higher’ law by which all other laws are judged; other laws must comply with the constitution in order to be valid and enforceable
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