Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1-27: Arbitration Clause, Alternative Dispute Resolution, Fundamental Breach

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

Document Summary

Bizlaw1 - chapter 1 business law - set of established rules governing commercial relationships, including the enforcement of rights law - set of rules and principles guiding conduct in society. Mainly: protects person and their property, facilitating personal and commercial interactions, providing mechanism for dispute resolution. 1) sets rules with penalties in order to encourage compliance. 2) seeks to make those who break the law accountable. Ensures losses are paid for by parties responsible for creating them exp. assault, fraud, robbery. Breach of contract - failure to comply with a contractual promise. Facilitating interactions contract law - help companies facilitate planning and enforce expectations. Business relationship btwn two parties determines whether contract will be enforced, suing too expensive litigation - process of suing. Sometimes better to protect business relationship than sue and waste time and money. Always depend on situation (exp. stealing vs. incompetence) Choice of litigation must be available to both parties.