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MCS 3040- Final Exam Guide - Comprehensive Notes for the exam ( 89 pages long!)


Department
Marketing and Consumer Studies
Course Code
MCS 3040
Professor
Joseph Radocchia
Study Guide
Final

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U of G
MCS 3040
FINAL EXAM
STUDY GUIDE

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Canadian Business and the Law: Knowledge of the Law as a Business Asset
Law in the Business Environment
The law impacts virtually every aspect of society, including the business environment
The law affects most business decisions from development of the basic business idea
through to its implementation, and all the attendant matters in between, including
financing, hiring, production, marketing, and sales
Business Law: a set of established rules governing commercial relationships, including the
enforcement of rights
Defines general rules of commerce
Protects business ideas and more tangible forms of property
How is Law Useful in the Business Environment?
Facilitates business planning
Provides mechanisms that permit business people to manage their participation in
business activities and exposure to risk in business ventures
The law facilitates certainty by providing rules, particularly in the area of contracts, that allow
business enterprises to plan for the future and to enforce their expectations. In short, legal rules
provide definition and context to doing business.
International Perspective: Facebook Seeks Justice Against a Notorious Canadian Spammer
Why is spamming objectionable?
What are the impacts, if any, of foreign judgements?
Business Law Protects People and Property
The most familiar purpose of the law is to provide protection
Those who violate the Criminal Code of Canada such as breaking into another
person’s house, assaulting someone, or committing a commercial fraud are subject to
criminal sanctions such as fines or imprisonment
The law protects members of society in two ways: first, it sets rules with penalties in order to
encourage compliance, and second, it seeks to make those who break the law accountable for
their misconduct.
Business Application of the Law: Fraud on the Public
How does business law protect intangible property such as ideas and inventions?
International Perspective: US Spam Laws
How does business law protect the privacy of individuals?
Personal Information Protection and Electronic Documents Act (PIPEDA)
Business are required to adequately protect their customers’ personal information or be subject
to fines of up to $100,000
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Ethical Considerations
Maple Lodge Farm’s Conviction
What is the role of government to ensure the humane and ethical treatment of animals
by businesses?
What are the reputational costs to Maple Lodge Farms for its recent convictions and how
can those be managed?
Business Law Facilitates Interactions
Business law assists with many personal interactions, such as providing rules
concerning marriage or the disposal of property upon the owner’s death
Business law facilitates commercial activity by providing rules governing the marketplace
Business Law Facilitates Commercial Activity
Contract Law: rules that make agreements binding and facilitate planning and enforcement
expectations
Breach of Contract: failure to comply with a contractual promise
Business Law Provides Methods for Resolving Disputes
Litigation: the process involved when one sues another using the formal court system
To avoid litigation, the legal system offers mediation and arbitration. Sometimes those prove
unsuccessful and the matter is taken to court.
Should All Disputes Be Litigated?
Are legal proceedings absolutely necessary right now?
Is there a relationship-preserving way to resolve the problem?
Going to court is an option, though ordinarily one of the last resorts, given the time is takes and
the uncertainty and expense associated with it. Other methods of dispute resolution include
mediation and arbitration.
Are There Alternative to Litigation?
Negotiation
Mediation
Arbitration
Negotiation
Solutions to a legal dispute exists at various levels of formality
The first logical step is for the parties to try to come to a negotiated resolution between
themselves
If necessary, a formalized settlement agreement can be created
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