BUSI 5000 Lecture Notes - Lecture 1: Neutral Party

• School: Memorial University
• Department: Business Administration
• Course: BUSI 5000
• Professor: Andrew Wadden

Document Summary

Chapter 1: knowledge of law as a business asset. Affects most business decisions: from development to implementation and all matters after and between. Lack of knowledge may result in losing out on opportunities. Legal ig(cid:374)ora(cid:374)(cid:272)e"s (cid:373)a(cid:455) o(cid:272)(cid:272)ur as a result of a la(cid:272)k of k(cid:374)o(cid:449)ledge i(cid:374) la(cid:449) Law: the set of rules and principles guiding conduct in society: protects persons and their property, facilitating personal and commercial interactions, provides mechanisms for dispute resolution. Most familiar purpose of law is to protect. Breaking the criminal code of canada can result in criminal sanction. Law protects its members in two ways: sets rules with penalties in order to encourage, seeks to hold those who break the law accountable for their misconduct. Law protects businesses by setting penalties and ensuring accountability: ensures losses are paid for by the parties responsible for creating them. Breach of contract: failure to comply with a contractual promise.