MGMT 3230 Study Guide - Spring 2018, Comprehensive Midterm Notes - Common Law, Contract, Tort
12 Oct 2018
School
Department
Course
Professor
MGMT 3230
MIDTERM EXAM
STUDY GUIDE
Fall 2018
Lecture One May 7 2018
Tort of negligence and other torts will be on the midterm
Objectives of business:
• At its core, its currency→to goods/sale
• Transactions based on trade, this activity is promoted and considered critical
• Exchange of && for goods and services
• This creates the economy
• The law gives validity to the goods of services
o The laws give the goods of services legal representation
o Need recognition of value first (why not steal), ie. the right to your labour, a
company right to its products (translated into goods/services)
o If your property is not protected, you cannot exchange it for currency
o The goods and sale only occurs if the law says its property
o If the law does not …
o You want to make sure the product you make is protected by the law
Top three goals of business: money, money, money
C
I ’
There is always a risk/reward proposition for business
• The worst that could happen in business is bankruptcy
o The market wants them to succeed and fail
• There is also a legal risk
Objectives of the law:
• Create legal recognition of what society believes should be valued
• The law decides what is valued
o Definition and acknowledgement of value before it can be traded
find more resources at oneclass.com
find more resources at oneclass.com
• Objectives for law:
o Stability
o Protection
o Punishing wrongs
o Fair
o Regulation (controls us; you can have a fire here but not here, you can drive
this speed here but not here)
o Accountability (contracts; you s , ’
accountable if you break it after 6, you can be sued)
o Justice
• Civil law is inherently unstable (it is all government driven; government is always
…on law is
stable)
• Not enough free market in civil lawtoo much government regulation
Two main parodies of law: the government and the courts
• Ultimate designers are the courts and the government (using inputs: lawyers,
lobbyists, academics) they transfer societies wishes and conflicts into the law
• The legal system comes usually by proxy: through someone else
o Lawyer: actually, makes the law, the judge just picks the winning law. Lawyers
present the case; the winning case becomes the law. Lawyers present their
vision of the law, and the winner creates the law
o Lobbyist: influence people in the governmentbig money!
o Academics: publish papers and research. Take their knowledge and it is
introduced as evidence
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Tort of negligence and other torts will be on the midterm. If your property is not protected, you cannot exchange it for currency: the goods and sale only occurs if the law says its property. If the law does not (cid:648)(cid:650)(cid:663)(cid:646) (cid:650)(cid:661) (cid:660)(cid:661)(cid:659)(cid:650)(cid:644)(cid:661) (cid:657)(cid:659)(cid:656)(cid:657)(cid:646)(cid:659)(cid:661)(cid:666) (cid:659)(cid:650)(cid:648)(cid:649)(cid:661)(cid:660) : you want to make sure the product you make is protected by the law. Top three goals of business: money, money, money. I(cid:661) (cid:650)(cid:660) (cid:661)(cid:649)(cid:646) (cid:659)(cid:656)(cid:653)(cid:646) (cid:656)(cid:647) (cid:661)(cid:649)(cid:646) (cid:653)(cid:646)(cid:648)(cid:642)(cid:653) (cid:660)(cid:666)(cid:660)(cid:661)(cid:646)(cid:654) (cid:661)(cid:656) (cid:654)(cid:642)(cid:652)(cid:646) (cid:660)(cid:662)(cid:659)(cid:646) (cid:661)(cid:649)(cid:642)(cid:661) (cid:644)(cid:656)(cid:654)(cid:657)(cid:642)(cid:655)(cid:650)(cid:646)(cid:660) (cid:645)(cid:656)(cid:655)"(cid:661) (cid:650)(cid:655)(cid:651)(cid:662)(cid:659)(cid:646) (cid:657)(cid:646)(cid:656)(cid:657)(cid:653)(cid:646) There is always a risk/reward proposition for business: the worst that could happen in business is bankruptcy, the market wants them to succeed and fail, there is also a legal risk. Lawyers present their vision of the law, and the winner creates the law: lobbyist: influence people in the government(cid:833)big money, academics: publish papers and research. Take their knowledge and it is introduced as evidence.
