MCS 3040 Midterm: Midterm 1 Chapter Summary.docx

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Business and consumer law midterm #1 chapter summary. Chapters 1, 2, 3, 4, 10, 11, 12, 5, 6, 7, 8, 9, 23, 24. Chapter 1- knowledge of the law as a business asset. This lack of knowledge, however, may result in failure to maximize opportunities or in losing out on them altogether: business law: a set of established rules governing commercial relationships, including the enforcement of rights. Protects business ideas and more tangible forms of property. Provides mechanisms that permit businesspeople to select their desire 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. Rules and principles: law: the set of rules and principle guiding conduct in society primarily by protecting persons and their property, facilitating personal and commercial interaction, and providing mechanisms for dispute resolution.

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