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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.


Department
Accounting & Financial Management
Course Code
AFM231
Professor
Darren Charters

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Chapter 1
- 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
- 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 2
- Statement 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

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- 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 (e.g. 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 law , therefore 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 day-to-day 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:

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o Trial
o Intermediate Appeal
o Final Appeal
- Cabinet: A body composed of all ministers heading government departments, as well as the
prime minister or premier
- Judiciary: A collective reference to judges
- Judges: Those appointed by federal and provincial government to adjudicate on a variety of
disputes, as well as to preside over criminal proceedings
- Inferior Court: A court with limited financial jurisdiction whose judges are appointed by the
provincial government
- Superior Court: A court with unlimited financial jurisdiction whose judges are appointed by the
federal government
- Small Claims Court: A court that deals with claims up to a specified amount
- Supreme Court of Canada: The final court for appeals in the country
- Federal Court of Canada: The court that deals with some types of litigation involving the federal
government
- Canadian Charter of Rights and Freedoms: A guarantee of specific rights and freedoms
enshrined in the Constitution and enforceable by the judiciary
- There are four sources of law in Canada:
o Constitutional convention
o Statute law
o The Royal Prerogative (: Historical rights and privileges of the Crown, including the right
to conduct foreign affairs and to declare war)
o Common Law (: Rules that are formulated in judgements)
- Precedent: An earlier case used to resolve a current case because of its similarity
- Equity: Rules that focus on what would be fair given the specific circumstances of the case, as
opposed to what the strict rules of common law might dictate
- Domestic Law: The internal law of a given country, which includes both statute and case law
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