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Midterm

Midterm review for BUSI 2601


Department
Business
Course Code
BUSI 2601
Professor
alanchi
Study Guide
Midterm

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BUSI2601MidtermReview(CoveringCh.14,13,14,28)
Part1TheLegalEnvironmentofBusiness
Ch.1(KnowledgeofLawasaBusinessAsset)(pg.1):
BusinessLaw:(pg.4)
definesgeneralrulesofcommerce
protectsbusinessideasandmoretangibleformsofproperty
providesmechanismsthatpermitbusinesspeopletoselecttheirdesireddegreeofparticipation
andexposuretoriskinbusinessventures
seekstoensurethatlossesarebornebythosewhoareresponsibleforthem
facilitatesplanningbyensuringcompliancewithcommitments
Anunderstandingofthelawallowsbusinesspeopletomaximizeopportunitiesandprevents
themforlosingoutonthemaltogether(pg.4)
Lawisasetofrulesandprinciplesintendedtoguideconductinsociety,primarilybyprotecting
personsandtheirproperty,facilitatingpersonalandcommercialinteractions,andproviding
mechanismsfordisputeresolution(pg.5)
ContractLawrulesthatmakeagreementsbindingandthereforefacilitateplanningandthe
enforcementofexpectations
allowsbusinessenterprisestoplanforthefutureandtoenforcetheirexpectations(pg.8)
ProvidingMechanismsfordisputeresolution:
firstlogicalstepisforpartiestotrytocometoaresolutionb/wthemselvesandproduce,if
necessary,aformalizedsettlementagreement
ifthisdoesn’twork,legalsystemoffersmediation(assistancethroughaneutralparty)and
arbitration(decision(usuallybinding)madebyaneutralparty)aswaysofavoidinglitigation
(pg.10)
LegalRiskManagementPlanAcomprehensiveactionplanfordealingwiththelegalrisks
involvedinoperatingabusiness(pg.13)
Lawinvolvingethicsissues
minimumthresholdstandard
Ifsomethingislawful,doesitmeetwithbusinessethicsnotalways
CommonLawvs.CivilLaw
CommonLaw:
→rulesthataredefinedbyBritishCourts,basedonprecedents
→usecourtdecisionstomakeourlegalprinciplesandthenapplythemtothefacts

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CivilLaw:
→verystrong,establishedproceduralsystem
→notariesandlawyersaretwoseparateprofessionsinQuebec
→Ifthelawyersdonotprovideasolution,thejudgecannotact
NotionofCommonLawMarriageorMarriageinLaw
ifyouwanttogetadivorce,yourresidencedetermineswhatrulesareapplied(no
prenuptialagreementsinQuebec)
DisputeResolution:MainAreaswherewehavedisputes
disgruntledclientsdon’tpay,notsatisfiedwithproducts/servicestheyare
receiving
motorvehicles
regulatorynormsnormswehavethatdefinetheproduct,service,or
conduct(i.e.,pollution>dumping)
labourrelationscontractsanddoings
Contractualrelationshipmarriage
PrivateRights
MediationAnindependentthirdpartythatwillhelpbringcompromiseandasettlementtoa
dispute
mustshowindependenceandbeimpartial
havetonegotiatetheterms(4elements):
1)Willingnessofthepartiestocompromise
2)Prioritiesinthenegotiations
3)Techniquesofnegotiation/leverage
4)Beabletodefinetheresultofthenegotiation
Arbitrationindependentpartythatwilldeterminetheoutcomeoftheconflictandwillimposea
bindingsettlementthatiswithoutappeal
don’twanttolosepoliticalpowertonegotiate
alltheinformationmustbereleasedinorderforthearbitratortomakeaninformeddecision
LitigationThereisaconflictthatneedstoberesolvedbeforethecourts
1)ApplyLimitationsAct:Legislationthatprovidesalimitation(max.2years)to
commenceaproceedingwhentheeventoccurred(reasonabletohaveknownwhen
thecasestarted)
2)CivilProceedingsfileastatementofclaimfileacasewhereyouarguewhyyou
havethisclaim(i.e.suingsubwayformisrepresentationsellingyouan11inchsub
insteadofthefull12inchesasadvertised)
3)Response20daystoprovideadefensemayincludeacounterclaim
4)Discoveryputevidenceforwardandshowcasewhatwehaveintermsofcontentof

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evidence
5)TrialProveyourclaimonthebalanceofprobabilities
6)JudgmentandCourt30daystoappealdecision
Part1TheLegalEnvironmentofBusiness
Ch.2(TheCanadianLegalSystem)(pg.21):
CanadianCharterofRightsandFreedoms:‘definesfundamentalvaluesweshareas
Canadians’
→AguaranteeofspecificrightsandfreedomsenshrinedintheConstitutionandenforceableby
thejudiciary.
Createdin1982,signedbyPierreElliotTrudeau
AguaranteeofspecificrightsandfreedomsenshrinedintheConstitutionandenforceableby
thejudiciary
FreedomswhenyouareinCanada,thesefreedomsbelongtoyouaswell
→freedomofconsciencegoodandbadie.musicintheyard
→freedomofreligionideaofsuperiorforce;enhancehumangoodness
THECHARTERISCHANGINGHOWWEDOBUSINESS:
→DemocraticRights:righttovoteandexpresspoliticalchoices
→Mobilityrights:capacitytoenterandleaveCanada
passportbelongstogov’tofCanadaandisnotproofofCanadianCitizenship
allowsyoutoenjoymobilityrightsandinternationaltravellingagreements(ex.
CanadiansbuyingcheaplandinCubaasinvestments)
FrenchCanadianbuilderwhowenttoAustriatosellhispaintingcollectionbecausetherewas
noCanadianextraditionagreementwithAustria.Hethenwentontobecomethelargest
developerinBerlin.→Thosewhohavemoneyalreadyknowwhattodo,othersfollow
Acriminalrecordis‘theend’ofmobilityrightstotheU.S.
PresidentialPardon:Whenyouare18,anycrimescommittedunderthatageasa
juvenilearepardonedinCanadaandyourrecordiscleared,however,intheU.S.,you
wouldrequireaPresidentialPardon
Notabletobidoncertaincontractsifyouhaveemployeeswhoaren’tCanadiancitizensorhave
adualcitizenshipwithCanadaandsomeothercountrythatisnotthesameastheoneinthe
countryofthecontractforwhichyouarebidding
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