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ADM 3360 Notes.doc

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explanation explain step by step how you objective explain how this could be a good policy etcChapter 1 5 Fundamental legal system concepts1 Canadian legal system defines rights and obligations and imposes minimum standards Ie general rules of commerce2 Legal system provides for protection measures and its up to each person to provide for these protections Need to understand consequences are first protection measureThings go wrong you need to take the steps to protect yourself know the exit route Business law protects ideas and more tangible forms of property3 Legal system represents values of what we share Business law we defend capitalism Defending values of systemproperty rights and ownership4 Believe that the law is guidance to the right actions The line is to be walked straight play by the rules to always be safe and must accept consequences as our actions Living up to what you have done wrong Ex cash under the table5 Canadian society provides most constitutional rights To be Canadian is a unique position in the world values and rights of whole society are defended like no other placeBusiness law is a set of established rules governing commercial relationships including the enforcement of rights Business law deals with legal relationships regarding economic transactions Business law must provide for predictabilityMust do business in countries where legal court system is stable and must trust the legal system Legal system attracts business people because it protects contracts transactions and rights Thats why the worlds most powerful countries have a strong legal systemBusiness people must feel they have security when they do transactions and therefore must possess predictability Canada has best banking system in the world because we have a tough legislation for banking rules are there to govern how society will functionliability legal responsibility for the event or loss that occurredBreach of contract A failure to comply with a contractual promise To enforce a contract you need to make sure that you have the capacity in the legal system to enforce itThree ways to resolve a legal issue1 Mediation a process through which the parties to a dispute attempt to reach a resolution with the assistance of a neutral person Independent third party that will try to bring the parties to compromise in order to find a settlement Problem is who wants to compromise when you are seen to not be winning in the deal2 Arbitration independent third party will settle the dispute and normally the decision will be binding on the parties without an appeal3 Litigation parties cannot come to a conclusive settlement and you need to proceed before the courts Either liability or contract issues Either people have done a tort or breached a contract 90 of court cases will be settled before trial because people want to avoid trials
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