MCS 3040 Study Guide - Final Guide: Alternative Dispute Resolution, Legal Risk, Business Ethics

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: May Aung

Document Summary

Knowledge of the law helps businesses prevent unnecessary pitfalls and maximizes their protection. Legal risk management plans : minimize negative business experiences and enhance returns, plan of action to deal with legal risks involved in operating a business. Knowledge of the law is an asset : Pipeda personal information protection and electronic document act : requires businesses to protect their customers information. Contract law : a legal document that states the rules of an agreement which binds and facilitates planning and enforcers them. Breach of contract : failure to comply with a contract. Litigation : process when one party sues another through a court of law. Two parties try to resolve the problem and formalize a settlement agreement: mediation. The two parties try to reach a resolution with the assistance of a neutral party: use contracts to plan for the future and prevent loss of nancial and intellectual property.