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Midterm 1 Law Notes - Chapter 1 to 11

28 Pages

Accounting & Financial Management
Course Code
AFM 231
Darren Charters

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Chapter 1Knowledge of Law as a Business Asset Law in the Business EnvironmentBusiness law a set of established rules governing commercial relationships including the enforcement of rights law the set of rules and principles guiding conduct in society Main functions of the law 1 protecting persons and their property a protects individualssets rules with penalties to encourage complianceseeks to make those who break the law accountable for their misconduct b protects businessessetting penalties ensuring accountability2facilitating personal and commercial interactionsex rules about marriage adoption disposal of property after death contract law3 providing mechanisms for dispute resolutionbreach of contract failure to comply with a contractual promisecontract law rules that make agreements binding and therefore facilitate planning and the enforcement of expectations One of the most important contributions the law can make to the commercial area is the creation of certainty Litigationthe process involved when one person sues another It is the business relationship that will determine whether strict legal rights will be insisted upon if the parties cant settle it themselves the legal system offers mediation and arbitration to avoid litigation o mediation a process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral personarbitration a process through which a neutral party makes a decision usually binding that resolves a dispute Liability legal responsibility for the event or loss that has occurredHow and Why the Law WorksCanadian legal system determines liability in accordance with certain principles and processes that are regarded as just and free from bias The goals of the Canadian justice system are ambitious and because of the obvious limitations it is often difficult to achieve knowing the law is a business asset because you can use it to protect and advance your business interestslegal risk management plana comprehensive action plan for dealing with the legal risks involved in operating a businessthis is an effective way to avoid bad business experiences and to enhance returnsLaw and Business Ethics Business ethics moral principles and values that seek to determine right and wrong in the business world
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