Management and Organizational Studies 2275A/B Chapter Notes -Neutral Party, Corporate Law

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Bill Irwin

Document Summary

Protects business ideas and more tangible forms of property. Provides mechanism that permit business ppl to select their desired degree of participation and exposure to risk in business ventures. Seeks to ensure losses are borne by those who are responsible for them. Law: set of rules and principles guiding conduct in society primarily by Protecting persons and their property (1) sets rules and penalties in order to encourage compliance and (2) seeks to make those who break law accountable for actions. E. g. law firm gives negligent advice to client. Breach of contract: failure to comply with contractual promise. Government can neglect to or decide against regulating in a given area. Providing rules concerning marriage, adoptions and disposal of property up owners death commercial activity by rules governing marketplace. E. g. contract law: rules that make agreements binding & therefore facilitate planning & the enforcement of expectations.