AFM231 Study Guide - Midterm Guide: Canadian Business, Neutral Party, Political Philosophy
16 Oct 2011
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Document Summary
Chapter 1 - the legal environment of business. Business law is a set of established rules that governs commercial relationships, including the enforcement of ghts: Protects business ideas and more tangible ideas and more tangible forms of property. Provides mechanisms that allow business people to select their desired degree of participation and exposure to business risk. Seeks to ensure that losses are suffered by those who are responsible for them. Allows for planning by ensuring compliance with commitments. Law: the set of rules and principles guiding conduct in society. The law protects members of society by setting rules with penalties in order to encourage compliance and it seeks to make those break the law accountable for their misconduct. The law protects businesses by setting penalties and ensuring accountability. It also ensures that losses are paid for the parties responsible for creating them.
