MCS 3040 Study Guide - Midterm Guide: Alternative Dispute Resolution, Concurrent Jurisdiction, Debt Management Plan

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Chapter 1- knowledge of the law as a business asset. The law impacts virtually every aspect of society, including the business environment. The law affects most business decisions-from development of the basic business idea through to its implementation, and all the attendant matters in between, including financing, hiring, production, marketing, and sales. Business law: the set of rules and principles guiding conduct in society: protecting persons and their property, facilitating interactions, providing mechanisms for dispute resolution. Contract law rules that make agreements binding, and facilitate planning and enforcement of expectations. Breach of contract failure to comply with a contractual promise. The most familiar purpose of the law is to provide protection. Those who violate the criminal code of canada such as by breaking into another person"s house, assaulting someone, or committing a commercial fraud are subject to criminal sanctions, such as fines or imprisonment.