B LAW301 Lecture Notes - Lecture 1: Specific Performance, Superior Court, Substantive Law
28 Jan 2018
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Document Summary
Business law: set of rules that govern commercial relationships, and the enforcement of rights, defines the basic rules of commerce (act of buying or selling, protects property and ideas. Business law facilitates interactions: assists with personal interaction like providing rules about marriage or the disposal of property upon the owners death, facilitates commercial activity by providing rules governing the market place. Business law facilitates commercial activity: contract law: rules that make agreements binding and facilitate planning and enforcement expectations, breach of contract: failure to comply with a contractual promise. Business law provides methods for resolving disputes: litigation: the process involved when one individuals sues another individual using the formal court system. Mediation: the process in which parties try to reach a solution with the assistance of a neutral person who is known as a the mediator. Arbitration: process through which a neutral person or (panel) makes a decision, arbitration is usually binding and is the final rule.
