AFM231 : AFM 231 Textbook Summary [Full Course] File contains concise, easy-to-read summaries of assigned textbook readings. Readings arranged chronologically by when they were assigned for ease of use; organized by chapter for increased readability.

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Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Law: the set of rules and principals guiding conduct in society. Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations. Contract law is not primarily about conflict, it functions to prevent disputes and facilitate relationships. Provides certainty to engage in transactions which might otherwise be unstructured and unpredictable. Mediation: the process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral person. Arbitration: 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 occurred. Business ethics: moral principles and values that seek to determine right and wrong in the business world. Statement of claim: a document setting out the basis for legal complaint.

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