Owning or leasing property poses several legal risks for businesses. Businesses that own personal property face risks from liability claims if the property damages others. Those that own real estate assume risks like environmental contamination liability. And businesses leasing real property risk lawsuits over dangerous conditions and must comply with lease terms. Proper insurance, regular maintenance and compliance with regulations can help manage these risks.

1. First Message on Legal Risks posed by Owning/Leasing Real
and/or Personal Property
Discussion question
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Legal risks posed by owning/leasing real and/or personal
property
3. Consider the legal risks that ownership/lease of real and/or
personal property pose for a business. Also consider the
potential legal risk(s) that a business may face if it leases real
property from which to operate its business.
a. Identify three legal risks that a business faces as a result of:
(i) owning and/or leasing personal property; (ii) owning real
property; and/or (iii) leasing real property.
b. Explain how such risks can be mitigated, eliminated and/or
managed.