AFM231 Study Guide - Midterm Guide: Misrepresentation, Punitive Damages, Unconscionability

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM231
• Professor: Darren Charters

Document Summary

Business law defines the general rules of commerce, protects business ideas, lets people chose their level of risk , makes sure that losses are attributed to those responsible for them. Breach of contract- not complying with contractual rights. Contract law provides a way for both parties to have a binding agreement, creating security and certainty , enforcing expectations while facilitating relationships. Litigation process of suing one another, it is best to try to avoid proving yourself right in court , try to preserve the relationship before involving the law. The canadian legal system demands that both the process for determining liability and the rules or laws applied in that process are free from bias and fair. The law has the following goals : protection ( in the case of copy rights) , facilitation ( contract law), and dispute resolution (arbitration , mediation , litigation) Mediation parties dispute with the help of a neutral party to reach a resolution.