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.
University of Waterloo
Accounting & Financial Management
Chapter 1Business LawA 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 Legal Risk Management Plan A comprehensive action plan for dealing with the legal risks involved in operating a business Business Ethics Moral principles and values that seek to determine right and wrong in the business world Chapter 2Statement of Claim A document setting out the basis for legal complaint Canadian government is divided into three branches o Legislative Creates law in the form of statutes and regulations o Executive Formulates and implements government policy o Judicial Adjudicates on disputes Government Policy The central ideas of principles that guide government in its work including the kind of law it passes Constitutional Law The supreme law of Canada that constrains and controls how branches of government exercise power Liberalism A political philosophy that elevates individual freedom and autonomy as its key organizing value Canadian legal System The machinery that comprises and governs the legislative executive and judicial branches of government Constitutional Conventions Important rules that are not enforceable by a court of law but that practically determine or constrain how a given power is exercised eg Office of the Prime Minister Statute Law Formal written laws created or enacted by the legislative branch of government Jurisdiction The power that a given level of government has to enact laws Federal government has jurisdiction over criminal lawtherefore provinces cannot create their own criminal codes Exclusive Jurisdiction Jurisdiction that one level of government holds entirely on its own and not on a shared basis with another level Concurrent Jurisdiction Jurisdiction that is shared between levels of government Paramountcy A doctrine that provides that federal laws prevail when there are conflicting or inconsistent federal and provincial laws Bylaws Laws made by the municipal level of government Ratify To authorize or approve Treaty An agreement between two or more states that is governed by international law Formal Executive The branch of government responsible for the ceremonial features of government Political Executive The branch of government responsible for daytoday operations including formulating and executing government policy as well as administering all departments of government Each provincial and territorial system of courts has three basic levels