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Midterm

BUSI2601Mid-termReviewNotes

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Department
Administration
Course
ADM3360
Professor
All Professors
Semester
Fall

Description
BUSI2601MidtermReviewCoveringCh14131428Part1TheLegalEnvironmentofBusinessCh1KnowledgeofLawasaBusinessAssetpg1BusinessLawpg4definesgeneralrulesofcommerceprotectsbusinessideasandmoretangibleformsofpropertyprovidesmechanismsthatpermitbusinesspeopletoselecttheirdesireddegreeofparticipationandexposuretoriskinbusinessventuresseekstoensurethatlossesarebornebythosewhoareresponsibleforthemfacilitatesplanningbyensuringcompliancewithcommitmentsAnunderstandingofthelawallowsbusinesspeopletomaximizeopportunitiesandpreventsthemforlosingoutonthemaltogetherpg4Lawisasetofrulesandprinciplesintendedtoguideconductinsocietyprimarilybyprotectingpersonsandtheirpropertyfacilitatingpersonalandcommercialinteractionsandprovidingmechanismsfordisputeresolutionpg5ContractLawrulesthatmakeagreementsbindingandthereforefacilitateplanningandtheenforcementofexpectationsallowsbusinessenterprisestoplanforthefutureandtoenforcetheirexpectationspg8ProvidingMechanismsfordisputeresolutionfirstlogicalstepisforpartiestotrytocometoaresolutionbwthemselvesandproduceifnecessaryaformalizedsettlementagreementifthisdoesntworklegalsystemoffersmediationassistancethroughaneutralpartyandarbitrationdecisionusuallybindingmadebyaneutralpartyaswaysofavoidinglitigationpg10LegalRiskManagementPlanAcomprehensiveactionplanfordealingwiththelegalrisksinvolvedinoperatingabusinesspg13LawinvolvingethicsissuesminimumthresholdstandardIfsomethingislawfuldoesitmeetwithbusinessethicsnotalwaysCommonLawvsCivilLawCommonLawrulesthataredefinedbyBritishCourtsbasedonprecedentsusecourtdecisionstomakeourlegalprinciplesandthenapplythemtothefacts
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