SOC100H5 Study Guide - Final Guide: Prima Facie, Legal Tender, Life Insurance
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SOC100H5 Full Course Notes
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Document Summary
Chapter 1: the law and the legal system. Business law is important to business persons. A knowledge of legal issues is essential to the making of proper risk management decisions. Learning the history of law helps us to better understand the law in its present day context. People need to understand the types of basic legal issues that affect business planning/operations. People need to be aware of developments in law that may impact our specific type of business. Business law can be divided into a number of general areas which includes: Tort law- injuries to another"s person, property or reputation. Contract law- day-to-day operations of a business. Land law- the purchase or leasing of premises or the financing of the purchase of land and buildings. Difficult to define in a precise manner, because of the nature of law itself more of a concept rather than an object or thing that has clearly defined limits or parameters.
