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CRIMINAL LAW

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PRIMARY FOCUS IS ON PUNISHING THE PERSON (S) RESPONSIBLE FOR THE CRIME.(WRONGS AGAINST SOCIETY)

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CIVIL LAW

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CONCERNED WITH CIVIL OR PRIVATE RIGHTS AND REMEDIES

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TORT LAW

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INTENTIONAL OR UNINTENTIONAL TORTS FOR WHICH COMPENSATION MAY BE PROVIDED

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CONTRACT LAW

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When a building contractor elects to quit a project before completing the work agreed to in a legal contract, legal action may be initiated by the owner for breach of contract.

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Common Law, Statute Law

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The 2 main bodies of law relating to both criminal and civil matters

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Common Law

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Current court decisions must follow those made in cases having similar circumstances.This custom of standing by previous decisions is known as the Rule of Precedent.

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Statute Law

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Is written Law enacted by federal or provincial legislation. It ammends or supercedes the common law.

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Compensatory Damages

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The most important in ensuring victims are able to withstand the financial consequences of bodily injury or property damage sustained.

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Breach of Contract Remedies

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-Provide for payment of damages to the injured party

-Enforce specific performance of the terms of the contract

-Grant an injunction prohibiting a party to the contract from performing certain acts, or ensuring a party to the contract performs certain acts

-permit rescission of the contract so as to return the parties substantially to their pre contract positions

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Breach of contract

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The failure without legal excuse to perform any promise which forms the whole or part of the contract

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Tort

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A private or civil wrong or injury other than breach of contract, for which the court will provide a remedy in the form of an award for damages.

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Rule of Precedent

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Current court decisions must follow those made in cases having similar circumstances.

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Damages

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Compensation in money for the loss or damage suffered

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General damages

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Damages that can't be exactly determined in monetary terms, but reflect an amount that the court believes necessary to compensate the aggrieved party fairly.

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Special damages

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Damages which can be measured as to amount and are often referred to as out of pocket expenses

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Exemplary or Punitive Damages

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Damages intended to punish defendants for their behavior or to make an example of them.

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Nominal Damages

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Damages which may be awarded when there is no substantial loss or injury to be compensated and the award is being sought to establish validity of the plaintiff's claim

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Docterine of Negligence

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Based on the duty of all persons to excersice due care in their conduct towards others from which injury may result

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Negligence

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The failure to do something which a reasonable man, guided by those ordinary considerations which regulate human affairs,would do, or the doing of something which a reasonable and prudent man would not do.

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Strict Liability

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Doctrine based on the assumption that certain activities are so hazardous that, in the event of injury or damage arising out of them, the person conducting the activity shall be presumed to be legally liable

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Occupier

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A person who has immediate supervisionand control of the premises and the power to admit or exclude the entry of others is an occupier.

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Nuisance

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Everything that endangers life or health, gives offense to senses, violates the laws of decency, or obstructs reasonable and comfortable use of the property.

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Trespass

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An unlawful interference with one's person, property or rights.

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Easement

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A right of persons to use land belonging to others

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False imprisonment

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Holding someone without lawful justification in a place against their will

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False arrest

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Includes false imprisonment but also includes the additional feature of detaining the victims with the intention that they be turned over to the police for prosecution

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Malicious prosecution

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Occurs when the complainant was arrested and later released and evidence provided revealed that the person making the complaint did not have an honest belief that the crime had been committed. But was guided by improper motives such as desire to harass or humiliate the victim.

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Defamation

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Consists of a statement that causes unjustified injury to the reputation of another person and which results in the loss to that person of the esteem, confidence, respect, and goodwill of a considerable part of the community.

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Slander

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Refers to spoken defamation

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Libel

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Refers to written defamation

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Aggregate limit

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The most the policy will pay during the policy period for all claims for which insurance is provided.

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Bill of lading

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A document issued by the carrier responsible for transporting or forwarding the goods.

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Agreed value

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A fair value of the shipment agreed to in advance by the insured and the insurer.

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Freight

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The money payable either for the hire of a vessel or for the conveyance of cargo from one port to another.

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Actual Total Loss

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A loss in which the subject property is totally lost or is so badly damaged that it has no value left.

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Constructive Total Loss

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Occurs when the cost of salvaging the cargo is too high relative to the value saved.

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Particular Average

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Involves a partial loss to a specific shipment, other than a general average.

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General Average

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Deals with payment for marine losses voluntarily incurred for the safety of the entire venture. The parties whose property was saved shall contribute to the losses of the parties whose property was sacrificed.

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Surety

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State of being sure, certain and secure.

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Suretyship

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The guarantee of performance made by one person or entity for another.

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Surety Bond

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An undertaking by one party (the surety) to become accountable to another party (the obligee) for the performance of an obligation or undertaking by a third party (the principal). It is a promise to provide credit, if and when needed, to ensure the faithful performance of an obligation.

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Obligee

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The party to whom someone is obligated under a contract.

Or

The part to whom the bond is given

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Principal

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The person primarily liable

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Penalty

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The amount of credit given to the principal by the surety; or

The amount which the surety is prepared to pay in the event the principal should default

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Statutory Bond

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One that is required by a municipal ordinance, or federal or provincial regulation or statute.

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Non-Statutory Bond

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Not required by law but flows from the contract or agreement between the parties.

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Contract bond

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Guarantees the fulfillment of certain obligations required under public and private contracts.

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Consent of Surety

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A letter assuring the owner that if the principal is the successful bidder, the surety will issue such other bonds as are specified to ensure the performance of the contract.

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Working Capital

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The amount of funds available to pay continuing business operating expenses until payment is received for work being undertaken by the contractor.

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Net Worth

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The amount of money remaining after all assets have been liquidated and all liabilities cleared.

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Licence

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Issued by a regulatory body such as government in order to set rules and regulations to safeguard the public.

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Permit

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Fulfills same general function as a licence, except that they are usually required as prerequisites to performing special functions incidental to the operation of the business.

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Risk Management

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Is the process of making and carrying out decisions that will minimize the adverse effects of accidental losses upon an organization.

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Loss Exposure

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Is the chance of a financial loss to an organization as a result of a particular peril striking a thing of value.

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Tangible Property

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Property that is real, can be touched, and has form and substance.

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Going Concern Value

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The difference in the value of property which must be sold after a loss and its value had the business continued.

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Intangible Property

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Property that has no physical substance and consists of legal rights rather than things.

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Expediting Costs

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The extra costs incurred in hastening the recovery of a business after a loss.

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Risk Control

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Refers to the steps taken to reduce the frequency and severity of losses as much as possible with the resources that are available.

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Risk Financing

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Is concerned with paying those losses which inevitably occur

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Segregation

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Involves arranging an organization's activities and resources so that no single event can cause simultaneous losses to all of them.

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Separation

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Involves dividing an organization's single asset or operation into two or more separate units.

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Duplication

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Involves complete reproduction of an organization's own "standby" asset or facility to be kept in reserve.

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Retention

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Includes all means of generating funds from within the business to pay for losses.

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Contractual Transfer

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Includes all means of generating funds from outside the business to pay for losses.