Management and Organizational Studies 2275A/B Lecture Notes - Alternative Dispute Resolution, Parol Evidence Rule, Small Claims Court

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Dr.Mike

Document Summary

Knowledge of law as a business asset: 05/10/2012 7:54:00 am. Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Law: the set of rules and principles guiding conduct in society. Breach of contract: failure to comply with a contractual promise. Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations. Litigation: the process involved when one person sues another. Mediation: a process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral person. Arbitration: a process through which a neutral party makes a decision (usually binding) that resolves a dispute. Liability: legal responsibility for the event or loss that has occurred. Business ethics: moral principles and values that seek to determine right and wrong in the business world. Law is involved in all aspects of business, whether the entrepreneur is aware of it or not.