MGMT 1281 Lecture Notes - Lecture 3: Bailment, Commercial Paper, Negotiable Instrument
15 Jun 2018
School
Department
Course
Professor
Business Law
-Law: the set of rules and standards that a society agrees upon to govern the
behaviour of its citizens
-Common Law: the unwritten law of England, derived from precedent and legal
judgements.
-Statutory Law: written law developed by city councils, provincial legislatures, and
parliament.
-Administrative Law: The rules and regulation that government agencies and
commissions developed based on their interpretations of statutory laws.
-Business Law: Laws that specifically affect how business firms are managed.
-Contract: An agreement between two parties to act in a specified way or to
perform certain acts.
-Express Contract: Clearly specifies the terms of an agreement.
-Implied Contract: Specifies the necessary behaviours of the parties to the contract.
-Business Managers should have a basic understanding of the following business
law concepts:
1. Contracts, Breach of Contract: When one party to an agreement fails, without
legal reason, to live up to the agreement’s provisions.
2. Agency, Agency-Principle Relationship: Established when one party (the
agent) is authorized to act on behalf of another party (the principle)
3. Bailment, Bailor-Bailee Relationship: In a bailior-bailee relationship, the bailor
(the property owner) gives possession of his or her property to the bailee (a
custodian) but retains ownership of the item.
4. Property: Anything of tangible or intangible value that the owner has the right
to possess and use.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Law: the set of rules and standards that a society agrees upon to govern the behaviour of its citizens. Common law: the unwritten law of england, derived from precedent and legal judgements. Statutory law: written law developed by city councils, provincial legislatures, and parliament. Administrative law: the rules and regulation that government agencies and commissions developed based on their interpretations of statutory laws. Business law: laws that specifically affect how business firms are managed. Contract: an agreement between two parties to act in a specified way or to perform certain acts. Express contract: clearly specifies the terms of an agreement. Implied contract: specifies the necessary behaviours of the parties to the contract. Real property: land and any permanent buildings attached to the land. Personal property: tangible or intangible assets other than real property. Deed: a document that show ownership of real property. Lease: grants the use of an asset for a specified period of time in return for payment.
