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MCS3040 Final: MCS3040 – Exam Notes.docx


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

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MCS3040 – Exam Notes
Week 1 – Chapter 1, 2, 3
Chapter 1 – Knowledge of Law as a Business Asset
Knowledge of Law as a Business Asset
Law impacts every aspect of society, including the business environmental
Knowledge of law helps entrepreneurs maximize protection and avoid pitfalls
Law affects most business decisions
Business Law
Set of established rules governing commercial relationships, including the enforcement of rights
Defines general rules of commerce
Protects property and ideas
How Law is Useful in the Business Environment
Facilitates business planning
Provide mechanisms that permit business people to manager their participation in business activities and
exposure to risk in the business ventures
Provides mechanisms to ensure losses are borne by those who are responsible for them
Business Law Protects People and Property
Most familiar purpose of 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
Personal Information Protection and Electronic Documents Act (PIPEDA)
Required to adequately protect their customers personal information or be subject to fine up to $100,000
Business Law Facilitates Interaction
Business law assist 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 contractual promise
Business Law Provides Methods for Resolving Disputes
Litigation – process involved when one sues another using formal court system
To avoid litigation, legal system offers medication and arbitration
Sometimes those prove unsuccessful and the matter is taken to court
Negotiation
Solution to legal dispute exist at various levels of formality
First logical step for the parties to try to come to a negotiated resolution between themselves
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Formalize settlement agreement can be created
Meditation
Process through which parties try to reach a resolution with the assistance of a neutral person (the
mediator)
Arbitration
A process through a neutral person (or panel) makes a decisions
Usually binding
Law and Business Ethics
Business Ethics – moral principles and values that seek to determine right and wrong in the business
world
The role of business ethics is to require entrepreneurs conform to principles of commercial morality,
fairness and honesty. It seeks to identify moral principles and values that determine right and wrong in
the business world.
Knowledge of the Law as a Business Asset
An effective way to minimize negative business experience and enhance returns is to implement a legal
risks management plan
Legal Risk Management Plan
A comprehensive action plan for dealing with the legal risks involved in operating a business
Knowledge of the Law as a Business Asset
Owners and managers can protect their business by ensuring compliance with legal requirements
Businesses can use contracts to plan for the future
Laws can protect people and property
Businesses can use laws to enforce legal rules against those who do business and have interactions with
the enterprise
Identify the legal risks associated with a business and implement measures for managing those risks
Identify and plan for risks before they occur rather than adopting the reactive mode
Business ethics are not always coextensive with legal requirements but are increasingly important for
running a successful business
Chapter 2 – The Canadian Legal System
Canadian Legal System
Machinery that comprises and governs the legislative, executive and judicial branches of government
Legislative Branch - branch of government that creates statute law
Statute Law – formal, written laws created or enacted by the legislative branch of government
Jurisdiction – power that a given level of government has to enact laws
Canadian Constitution
Contained in several different documents
All Canadian laws must comply with the Canadian constitution
Difficult to change – special amending formula must be met
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Constitutional Conventions
Important rules that are not enforceable by a court of law by that practically determine how a given power
is exercised by government
Example – office of PM does not formally exist in our constitution documents
Constitution Act, 1867
Formally the BNA Act
Sets up our courts
Contains the “Division of Powers” Exclusive Federal Jurisdiction (s. 91) such as:
oCurrency
oNational defense
oCriminal law
oBanking
oPostal service
Exclusive Provincial Justisdiction (s. 92) includes:
o
oHospitals
oProperty and civil rights with the
province
oAdministration of justice
oLocal matters
oIncorporation of provincial
corporation
oMunicipalities
Municipalities
oHave no constitutionally recognized powers
oAre usually delegated powers by the provinces in some areas such as:
Zoning
Property tax
Licensing
Canadian Charter of Rights and Freedoms
Created in 1982, part of the Constitution Act
Guarantees specific rights and freedoms enshrined in the Constitution and is enforceable by the judiciary
Fundamental Freedoms
Everyone has the following fundamental freedoms:
a. Freedom of conscience and religion
b. Freedom of though, belief, opinion and expressions, including freedome of the press and other media of
communication
c. Freedom of peaceful assembly
d. Freedom of association
Equality of Rights
Every individual is equal before and under the law and has the right to the equal protection and equal
benefit of the law without discrimination and, in particular, without discrimination based on race, national
or ethnic origin, colour, religion, sex age or mental or physical disability
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