AFM231 Midterm: Midterm 1 Law Notes - Chapter 1 to 11

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Chapter 1 - knowledge of law as a business asset. Business 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. Breach of contract: failure to comply with a contractual promise contract 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. Litigation - the process involved when one person sues another. 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. Canadian legal system determines liability in accordance with certain principles and processes that are regarded as just and free from bias. Business ethics: moral principles and values that seek to determine right and wrong in the business world.

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