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Lecture 1

MCS 3040 Lecture Notes - Lecture 1: Corporate Law, Personal Information Protection And Electronic Documents Act, Business Ethics


Department
Marketing and Consumer Studies
Course Code
MCS 3040
Professor
Joseph Radocchia
Lecture
1

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A"set"of"established"rules"governing"commercial"relationships"including"the"
enforcement"of"rights
Defines"general"rules"of"commerce
Protects"property"and"ideas
Business"Law
Facilitates"business"planning
Permits"businesspeople"to"manage"their"participation"in"business"activities"and"
risks"involved
Ensure"losses"are"borne"by"those"responsible"for"them
Provides"rules"@particularly"contracts"@that"allow"businesses"to"plan"for"the"
future"and"enforce"their"expectations
How"is"law"useful"in"the"business"environment?
Those"who"violate"the"Criminal"Code"of"Canada"(breaking"into"someone's"house,"
assaulting"someone,"committing"commercial"fraud)"are"subject"to"criminal"
sanctions"such"as"imprisonment"
Sets"rules"with"penalties"in"order"to"encourage"compliance"
Seeks"to"make"those"who"break"the"law"accountable"for"their"actions
Law"protects"society"in"2"ways
Business"law"protects"people"and"property
Businesses"are"required"to"protect"their"customers"personal"information
Can"be"subject"to"fines"of"up"to"$100,000"
Personal"Information"Protection"and"Electronic"Documents"Act"(PIPEDA)
Rules"concerning"marriage
Disposal"of"property"upon"the"owner's"death
Business"law"assists"with"personal"interactions
Rules"governing"the"marketplace
Facilitates"commercial"activity
Business"law"facilitates"interactions
Rules"that"make"agreements"binding"and"facilitate"planning"and"enforcement"
expectations
Commercial"activity
Contract"Law
Failure"to"comply"with"a"contractual"promise
Commercial"activity
Breach"of"Contract
The"process"involved"when"one"sues"another"using"the"formal"court"
system
To"avoid"litigation,"the"legal"system"offers"mediation"and"arbitration"@if"
these"are"unsuccessful"then"the"matter"is"taken"to"court
Litigation"
Solutions"to"a"legal"dispute"exist"at"various"levels"of"formality
The"first"logical" step"is"for"the"parties"to"try"to"come"to"a"negotiated"
resolution"between"themselves
If"necessary,"a"formalized"settlement"agreement"can"be"created
Negotiation"
A"process"through"which"parties"try"to"reach"a"resolution"with"the"
assistance"of"a"neutral"person"(the"mediator)"
Mediation"
A"process"through"which"a"neutral"person"(or"panel)"makes"a"decision"
Arbitration"I"usually"binding"
Arbitration"
Business"law"provides"methods"for"resolving"disputes
Going"to"court"is"an"option
Often"the"last"resort
Takes"a"very"long"time"and"can"be"very"uncertain"
Other"methods"listed"above"are"often"used"instead"
Should"all"disputes"be"litigated?
Moral"principles"and"values"that"seek"to"determine"right"and"wrong"in"the"
business"world
Require"entrepreneurs"to"conform"to"principles"of"commercial"morality,"fairness"
and"honesty
Business"ethics
An"effective"way"to"minimize"negative"business"experience"and"enhance"returns"
is"to"implement"a"legal"risk"management"plan
Managers"and"owners"can"plan"to"ensure"the"future"of"their"business"by"
entering"into"contracts
The"property,"contractual"expectations"and"profitability"of"a"business"are"made"
more"secure
Can"also"result"in"regulatory"and"judicial"sanctions"
Getting"fined"or"being"forced"to"close"down"altogether"
A"lack"of"legal"knowledge"may"result"in"a"businesses"failure"to"maximize"
opportunities"or"losing"out"on"them"all"together"
Laws"can"protect"people"and"property
Businesses"can"use"contracts"to"plan"for"the"future"
Identify"and"plan"for"risks"before"they"occur"rather"than"adopting"the"reactive"
mode
Business"ethics"are"not"always"co@extensive"with"legal" requirements"but"are"
increasingly"important"for"running"a"successful"business
Using"knowledge"of"the"law"as"a"business"asset"
A"comprehensive"action"plan"for"dealing"with"the"legal"risks"involved"in"
operating"a"business
Identifies"the"legal"risks"associated"with"a"business"
Implement"concrete"measures"for"managing"risks"
Helps"avoid"negative"business"experience
Legal"risk"management"plan
Chapter(1
Tuesday," September" 19,"2017
10:11"PM
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