Caib 3 Commercial

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CIVIL LAW

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the body of law concerned with the civil or private rights and remedies, as contrasted with criminal law which deals with wrongs against society

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TORT

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

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BREACH OF CONTRACT

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

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RULE OF PRECEDENT

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basic concept in common law in which current court decisions must follow those made in cases having similar circumstances

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STATUTE LAW

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written law enacted by provincial or federal legislation. It amends or supercedes the common law.

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DAMAGES

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compensation in money for the loss or damage suffered

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COMPENSATORY DAMAGES

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damages intended to compensate the injured party for the bodily injury or property damage sustained

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GENERAL DAMAGES

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damages which cannot 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 which are intended to punish defendants for their behaviour 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 court award is being sought, if for no other reason than to establish the validity of the plaintiffs claim when a question of principle is at stake

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DOCTRINE OF NEGLIGENCE

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

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NEGLIGENCE

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failure to do something which a reasonable man, guided by those ordinary considerations which ordinarily 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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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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person who has immediate supervision and control of the premises and the power to admit and exclude the entry of others

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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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unlawful interference with ones's person, property or rights

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EASEMENT

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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 victims with the intention that they be turned over to the police for prosecution

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MALICIOUS PROSECUTION

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1- complaintant was arrested and later released
2- evidence provided revealed that the person making the complaint did not have an honest belief that a crime had been committed, but was guided by other improper motives such as a desire to harass or humiliate

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DEFAMATION

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

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AGREED VALUE

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

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FREIGHT

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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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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 hight 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 - 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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guarantee of performance made by one person or entity for another

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SURETY BOND

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

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OBLIGEE

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party to whom someone else is obligated under a contract - or the person to whom the bond is given IE. CITY

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PRINCIPAL

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person primarily liable
ie. contractor

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PENALTY

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amount of credit given to the principal by the surety - or amount surety prepared to pay in the event the principal should default

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STATUTORY BOND

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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 fulfilent of certain obligations required under public and private contracts

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CONSENT OF SURETY

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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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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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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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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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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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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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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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extra costs incurred in hastening the recoverty 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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concerned with paying those losses that inevitably occur

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SEGREGATION

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involves arranging an organizations activites and resources so that no single event can cause simultaneous losses to all of them

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SEPERATION

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involves dividing an organizations single asset or operation into two or more separate units

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DUPLICATION

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involves complete reproduction of an organizations 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