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Final

FINAL EXAM REVIEW.docx

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Department
Management
Course
MGM102H5
Professor
Dave Swanston
Semester
Winter

Description
Speakers Matt Vanderkooy: increasing sustainability beneficial for industry – name of company : GEOSYNCT environment(bearable  how does it affect environment ), social(equitable impact of action on society) and economic(viable  short term/long term financial impact)  triple bottom line  joining of all 3 is perfect for sustainability 2 purposes of businesses  Drucker says creating cheap g/s and keep customer  Freidman says increase shareholder value (using lot of resources not sustainable or cost effective) DuPont Case: mission = sustainable growth and increase shareholder value. Area where rd wanted clean soil (remove ndal tar). 3 choices: excavate(expensive)(3 best choice), thermal stabilization (expensive)(2 best choice), smoldering combustion – heat up tar (STAR)  most sustainable remedy Matt Peters: Law,Business, and Effective Management  Lawyers make decisions to avoid suffering and embarrassing issues  Law also type of business world in itself : lots of scrutiny  Must advise clients of increasing uncertainty especially changes in laws  Legal advisors: if outcome bad, they are not blamed as don’t actually take decisions  Tax lawyers: interpret tax law and collaborate with accountants  accountants express views (can be held responsible as are part of company)while tax lawyers express opinions (cannot be held responsible). Advise to make decisions. Can get sued if provide wrong advice (illegal) – company can sue  Avoidance(find loop hole to not pay tax = legal) vs evasion (don’t pay tax = illegal)  Tax shelter: scheme w/ charities signed by tax lawyers to not pay tax  when scheme blew up tax lawyers reputation decreased  Law as business: service business – must be profitable, deliver quality advice, cannot let competitors take over, collection of independent business people, even though work as firm – compete against one another, must market selves, clients are fee sensitive  There are also merger frenzies where Canadian firms should merge with USA firms and it harms the individual lawyers because now they become competitors, especially involving international law  Why are Lawyers needed if businesses laws are in place to guide business activities? Legislation has gaps and not always clear and do not cover all situation. Lawyers needed to cover grey areas. Hiring lawyers provides comfort that all appropriate legal considerations reviewed – even of the ones business managers not aware of and expert can inform them  Roles of legal advisors: provide date about legislation about decision makers, assess risk of liability associated w/ specific management decisions, provide confidential advice based on privilege, general decision making  Video How we educate our children so they have cultural identiy while involve selves in globalization Current education system  not been updated, education built on different set of objectives that are not as important anymore therefore change is required Education for children is not stimulating to them anymore  standardized testing does not make knowledgeable person or creative thinkers. Divergent thinking - several perspective thinking not created. Walt Disney  Must integrate with other country’s culture when bring business there (e.g. park layout respect to feng shui, food menus offer non traditional Asian cuisine)  Disney must bring their park experience closer to lucrative Asian market and provide theme park experience that was more tailored to region  Must alter business plan to respect values of other culture Montana Seeds New seeds cannot reproduce once been used unlike regular seeds which were replanted Had monopoly over faming seeds – made sure farmers could not use own seeds to reproduce  b/c montana seeds kills other seeds – therefore only leaving montana seeds. This created montana seed monopoly People who tried not use montana seeds were punished Articles Bitcoin: managing innovation and change Bitcoin: currency where only small amounts are digitally released  is expensive. computer must mine these to acquire them. Banned in some countries, allows anonymity – difficult to trace back. Want to make it universal currency – could potentially change way we handle currency, transact. Atm confusing to avg person. Few ppl adopt the technology but may change in future  can relate to the diffusion of innovation (stages of innovation) How Canadian Tomato Juice Law Helped Save heinz’s Plant in Leamington Law in Canada to produce a certain quality standard of the tomato juice and if Hienz outsourced it, they would violate that law- effect: In a macro sense, the losses are bigger, because COP is high, the customers paying a price higher than they could have → this law may be considered as protectionism Ted talk: Body Language - Amy Cuddy Confidence is important when comes to public speaking/interviews  reflected by body language (judged thru this). Body language predictor of your success and power. Effective communication is vital yet most not good at it. “Need to fake it till you make it”  whenever in a situation, if you’re nervous – fake it to seem confident. Does it body language make you successful or vice versa? Toyota, Unifor spar over union’s attempt to organize Ontario plants, GREG KEENAN Modern world changing the way unions work  unions are finding it hard to have strong voice. Unifor is a new sort of union that joins together all unions to give them more power during negotiations. When variety of unions – compete for resources, with unifor it combines them and shares them. Unifor wanted employees from Toyota plant to join them – in order to do this 40% of Toyota employees had to sign union card so that uniform could join Toyota. Union did not have records of # of employees that were in Toyota plant and got all # wrong and were not able to get 40% of employees to sign. Is Toyota being represent well/not W/ unifor: get more benefits/protection, easier for management to decide wage rate for all employees because already decided. Non unions has grey areas – has bias unlike union w/o unifor: if employee is really good at job, chance for promotion and higher income = difficult  b/c if older and been in company for longer time – they have higher chance of being promoted (even if not good at job) b/c of union. Strikes would affect entirety of business – so Toyota might outsource business to not deal w/ union unions kind of pointless in this day and age because gov already has rules in place that overlap that of unions union forces you to work of a certain standard to keep your job secure – does not motivate b/c there is no recognition Chapter 2: Sustainability Environmental stewardship: integration of sustainability in values into managing of environmental resources Societal Response to Environmental Degredation Unabated consumption  regulatory compliance legislation and standards  eco management initiatives  full integration of business strategies and environmental responsibilities Industrial revolution caused society to move from self-sustenance to a consumption inspired marketplace. Environmental policies and environmental management systems  facilitate to reduce, measure and monitor risk exposure to enacted legislation directly impacting their industry sector and business operations  allow pollution prevention, recycling and environmental health and safety assessment Degradation: deterioration of environment thru depletion of resources and destruction of ecosystems Countries cannot be simply evaluated on GDP growth and productivity indexes  must also evaluate natural resources, nature of planet, and true well-being of society *goal to design and redesign business processes in way that while allowing for increased wealth and enhanced competitive advantage, incorporates principles of human mankind and resources protection and sustainability for future* Sustainability Challenges: 1. Climate change • Temperature change = reduced crop yield • Global transportation systems have a significant impact • Utilization of resources • Reduced Carbon Economy o Improving energy efficiency  decarbonizing energy supply  transportation innovation  biodiversity  human behaviour modification • Green carpet: forests, trees and planet life • Kyoto protocol : 1997 international agreement that binds participating nations into stabilizing and reducing greenhouse gas emissions 2. Pollution & health • Several deaths due to environmental factors such as organic and chemical pollutants • Top 6 toxic threats: lead, mercury, chromium, arsenic, pesticides, radionuclides 3. Energy crunch • Global economy heavily dependent on oil and fossil fuels • BTU: measure of heat required to raise temperature of one point of water by 1 degree Farenheit • Resource depletion i. Peak model theories: based on belief that resources are finite and at some point availability of such resource will pass their max production point and begin to decline ii. Current supply development constraints: how quickly can develop production of existing known resource supplies(e.g. alberta oil sands opportunities into pipeline) iii. Political impact factors: political, legislative or environmental action that constrains ability of firms to proceed w/ supply development (environmental impact requirements, existing and new to come, impacts on cost, etc) 1. feed tariffs: gov payment subsidy arrangements whereby participants are paid guaranteed premium for energy developed thru adoption of alternate energy sources iv. Rate of new discoveries: identification of new sources of fossil fuels  new exploration technologies have resulted in identification of fossil fuel reserves in areas where such reserves were known not to exist v. Declines in current production: reduction in current supply volume due to energy sources drying up/being taken offline vi. Immediate access to additional capacity: ability of current suppliers to tap into excess capacity to meet demand needs of marketplace (e.g. opec increasing supply capacity to meet demand) vii. Geopolitical instability: instability in countries or regions that supply our global energy needs viii. Development speed of alternate energy sources: refers to speed at which alternate energy sources can be brought online and achieve necessary scale and cost structure to be viewed as viable options for energy consumers to consider when looking to meet current and future energy needs • Improvements in energy productivity i. Improving efficiency of energy production currently taking place – also reducing overall demand for such energy in manner that does not comprise economic growth 4. Resource depletion • Resource management: ability to actively manage existing supplies and regenerate new supplies of materials in such a way that minimize resource depletion 5. Capital squeeze • Sovereign wealth funds: country/state owned investment funds • There is excess supply of capital at attractive rates in global market • Lending + export surplus = eventual need for overwhelming dependency on emerging economies to meet capital needs – need for this capital internally is dramatically increasing  as countries emerge will need more capital • Projected capital shortfall will be as follows: i. Access to capital by fully developed economies will become difficult  due to low savings rates, little internal investment, increasing need for developing economies to use capital reserves for internal, domestic investment thereby reducing supply they able to lend ii. Reduction in savings occur in developing economies as grow  as economies grow, citizens become wealthier, savings rates decline iii. Cost of capital(interest rates) cost of company funds (debt and equity): will increase as demand for capital for investment purposes exceeds supply iv. Financial protectionism gov actions or policies that restrict / restrain outflow of funds from one economy to another : could creep into global marketplace as countries w/ surplus seek capital for internal/external investment in matter that creates global competitive advantage, lowers cost of capital • will result in capital crunch – access to cheap capital will no longer be large contributor to global growth. Business response to sustainability challenge Eco efficiency management + trade management  top level management commitment strategic integration  organizational culture and stakeholder community support Trade Management  shifting impact of trade and economic development away from being primary driver of environmental harm and planet degradation towards being process that exists in arena of environmental sustainability. 1. Participants trade and economic development must agree to pay social cost of environmental degradation 2. Participants across markets need support and accept pricing policies that reflect full cost of expenses incurred in order to achieve environmental sustainability  includes taxes imposed, emission fees 3. Participants must block ability of market players to obtain and leverage competitive advantage as result of efforts to avoid environmental costs  WTO will need to create and manage definitive timetables for compliance Eco-efficiency Management = tactical shift required within our business operations to maximize efficiency of our resource utilization and minimize or eliminate resulting current degradation to planet • Resource management: shifting away from old consumption model whereby resources acquired entered into transformation process w/ end result of producing product and disposing of waste  waste disposal – bad/unavoidable cost. Resource management model has 3 shifts o Recognize resource are finit o Recognize resource efficiency while leading to higher cost in short run can lead to lower overall costs in long run o Societal pressure  more waste = bad rep o Goals : zero waste and prevention of resources which prolong ability to tap such resources in future, improving durability of products to increase life span, rebuilding/replenishing resources used, reducing energy consumption in associated transformation process, reducing/eliminating use of toxic materials and chemicals within such process • Emissions Management = achieving position of “zero global emissions” – long term goal of zero pollution / waste in air. Accomplish this objective by doing following : o Commit to attacking pollution at source  look at current inputs in operational process and seek substitutes o Prove prior implementation – process being employed in new operation will do no harm to air o To do this markets must be transparent in their operational approaches and must fully communicate w/ workers, consumers and global community @ large information relating to their environmental performance Strategic Integration o Business need to see environmental sustainability as an integral part of value creation and that this creation includes sustaining and enhancing the resources we depend on well into future Long term benefits of environmental sustainability strategic integration Short term outcomes: improved corporate image and regulatory compliance 1. Pricing power  brand increases firm’s pricing power 2. Enhanced efficiencies resource intensity reduction techniques lead to greater long term operating efficiencies and stronger supply chain management 3. Customer retention improved customer loyalty leads to lower customer desertion rates 4. Stronger employee base employee engagement via sustainability initiatives can result in greater employee retention, stronger recruitment positioning, and higher levels of employee motivation and productivity 5. Strong environmental management: leads to lower risk exposure – results lower insurance premium 6. New business options: lead to new skill development w/ firm  can lead to creation of new business opportunities and enhanced ability to enter new markets Capabilities: critical self-assessment Define sustainability within firm  identify opportunities, threats and gaps  build business case  establish targets  commit resources o Productivity cycle: includes processes involved in transformation materials into g/s available for sale in marketplace Chapter 3: Managing Innovation and Change Paradigm shift: occurs when new technology/ business model comes along dramatically alters nature of demand and competition  usually occurs when established technology in industry is mature and approaching natural limit. Increasing returns  inflection point  diminishing returns  natural limit of technology Disruptive technology: new technology that gets its start away from mainstream of market and then as its functionally improves, invades main market  revolutionize industry structure and competition o Christensen’s theory: established companies often aware of new technology yet do not invest in b/c listen to customers and their customers do not want it  in early stages, once it improves customers will want it (e.g. hydraulics) Business Model: way in which an enterprise intends to make money Punctuated equilibrium: view of industry evolution asserting long periods of equilibrium are punctuated by periods of rapid charge when industry structure is revolutionized by innovation o New technology lowers barriers to entry into industry, companies that cannot adapt go out of business as do the new entrants who cannot gain enough market share to reap economies of scale Organizational Inertia: internal/external forces that make it difficult to change strategy or organization architecture of an enterprise Cognitive schemata: manager’s mental model of world his/her enterprise inhabits Internal political constraints: accumulated power , managers who posses it are unlikely to give it up willingly = problem Organizational structure: existing culture of enterprise as expressed in norms and value systems Commitments and capabilities o Strategic commitments: firm’s investments in tangible/ intangible assets to support particular way of doing business o Tangible : buildings, plants, equipment o Intangible: skills and knowledge accu over time External constraints: by powerful institutions such as gov agencies, laour unions – act as source of inertia (e.g. unions resist job cuts) Organizational change: failure to adapt to change = new market realities = corporate decline\ Unfreezing organization: confronting all employees with need for change and getting them to believe that change = necessary Moving organization: entails changing management, strategy, organization architecture, and employee behaviour. Refreezing organization: trying to solidify new strategy and architecture so that desired employee behaviour become second nature Quantum innovations: innovations that incorporate new technology and disrupt competition, shifting dominant paradigm Incremental innovation: innovations that represent improvements in product functionality within established technology Generating successful innovations 1. Building skills in basic/applied scientific research 2. Developing good process for project selection and project management 3. Using cross functional integration 4. Creating product development teams 5. Implementing partly parallel developmental processes 6. Placing radically new technology in autonomous organization unit Building skills in basic and applied research: employment of research of scientists and engineers and the establishment of work environment that fosters creativity Project selection and management: overall management of innovation process from general of original concept thru development and into final production and shipping Idea generation  project refinement  project execution  market Cross functional integration: product development projects driven by customer needs, new g/s designed for ease of manufacture, developmental costs are kept in check, time to market is minimized Heavyweight project manager: manager who has high status within organization and power and authority required to get financial and human resources that his or her team needs to succeed Partly parallel development processes Opportunity identification  concept development  product design  process design  commercial production Chapter 4: Decision Making Bounded Emotionally: sometimes called the management of emotion, that is the inclusion of emotional expression in organization for purposes of productivity Decision Making: process by which managers analyze options facing them and make decisions about specific organizational goals and courses of action Programmed Decision Making: routine, virtually automatic decision making that follows established rules or guidelines Non-programmed decision making: nonroutine decision making that occurs in response to unusual, unpredictable opportunities and threats Rational decision making model: prescriptive approach to decision making based on idea that the decision maker can identify and evaluate all possible alternatives and their consequences and rationally choose the most suitable course of action Optimum decision: best decision in light of what managers believe to be most desirable future consequences for their organization Administrative model: approach to decision making that explains why decision making is basically uncertain and risky and why managers usually make satisficing rather than optimum decisions Bounded rationally: cognitive limitations that constrain one’s ability to interpret, process and act on information Ambiguous information: information that can be interpreted in multiple and often conflicting ways Satisficing: searching for and choosing acceptable or satisfactory ways to respond to problems and opportunities rather than trying to make the best decision Judgement: ability to develop a sound opinion based on one’s evaluation of the importance of information at hand Steps in decision making 1. Recognize need for decision 2. Generate alternatives 3. Assess alternatives a. Criteria i. Practicality : whether have capabilities and resources to implement alternative and not threaten firm’s goals ii. Economic feasibility: decide whether alternatives make sense economically and fit to perform firm’s performance goals iii. Ethicality: ensure that possible course of action is ethical and not unnecessarily harm any stakeholder group iv. Legality: ensure that possible course of action = legal and not violate any domestic and international laws or government regulation 4. Choose among alternatives 5. Implement chosen alternative 6. Learn from feedback a. Compare what actually happened to what was expected as result of decision b. Explore why any expectations for decision were not met c. Develop guidelines that will help in future decision making Cognitive Bias • Plunging in : beginning to gather info and reach conclusion too early • Frame blindness: create mental framework for your decision • Lack of frame control: fail to define problem in more than one way • Over confidence in judgment: fail to gather key factual info • Shortsighted shortcuts: relying inappropriately on “rules of thumb: • Shooting from hip: failing to follow a systematic procedure when making final decision • Group failure: failing to manage group decision making process • Fooling self about feedback: failing to interpret proof from past outcomes correctly • Not keeping track: failing to keep systematic records to track results of your decisions • Failure to audit your decision process: failing to create an organized approach to understand your own decision making Heuristics: rules of thumb that simplify decision making Systematic errors: errors that people make over and over again and that result in poor decision making Poor decision outcomes: escalating commitment, illusion of control, representativeness bias, prior hypothesis bias Prior Hypothesis Bias: cognitive bias resulting from tendency to base decisions on strong prior beliefs even if evidence shows that those beliefs are wrong Representativeness Bias: cognitive bias resulting from tendency to generalize inappropriately from small sample or from single vivid case or episode Illusion of control: source of cognitive bias resulting from tendency to overestimate one’s own ability to control activities and events Escalating commitment: source of cognitive bias resulting from tendency to commit additional resources to a project even if evidence shows that project is failing Self-fulfilling prophecy: person’s prediction in their way of thinking and feeling that actually causes directly or otherwise for something to come true Sustainability: decisions that protect the environment, promote social responsibility, respect cultural differences and provide economic benefit Becoming a learning organization Organizational learning: process thru which managers seek to improve employees desire and ability to understand and manage the firm’s and its task environment Learning organization: organization in which manager’s try to maximize ability of individual and groups to think and behave creatively and thus maximize potential for firm’s learning to take place Creativity: decision maker’s ability to discover original and novel ideas that lead to feasible alternative courses of action Data: raw, unsummarized and unanalyzed facts Information: data that are organized in meaningful fashion Information technology: mean by which information is acquired organized, stored, manipulated and transmitted Attributes of Useful Information • Quality : accuracy and reliability determine quality of info • Timeliness: info is timely available for managerial action o Real time information : frequently updated info that reflects current conditions • Completeness: info that is complete gives managers all info needed to exercise control, achieve coordination or make effective decision • Relevance: info is relevant = useful and suits manager’s particular needs and circumstances Management Information Systems: electronic systems of interconnected components designed to collect, process, store, and disseminate information to facilitate management decision amking planning and control • Decision support systems • Enterprise resource planning systems • Supply chain management systems • Customer relationship management systems • Human relationship information systems Chapter 5: Our Changing World Although today’s growth continues to rely on significant U.S. economic capacity, the next few decades will see a significant shift in this regard as China, India, Brazil, and other economies mature and benefit from the significant foreign direct investment (FDI) currently underway within these countries, and from the overall development of their monetary banking systems, intermodal transportation facilities, and competitive business models and operating platforms. The Global Market Place Whether it is through operational growth, strategic alliances, formal partnerships, mergers, or acquisitions, the global marketplace is becoming home to an increasing number of businesses seeking to operate via an international-based business model. Why Go Global? New Market Opportunities  Able to take your company to a new country/city > therefore you are potentially able to expand Cost Reduction Opportunity  Organizations will buy resources where it is relatively cheap > Enables organization to have lower overall costs (manufacturing companies are attracted to china because of cheap labor)  Offshoring: Transferring a component of a firm’s business system to another country for the purpose of reducing costs, improving efficiency or effectiveness, or developing a competitive advantage  Outsourcing: Contracting out a portion of, or a component of a firm’s business system for the purpose of reducing costs, improving efficiency or effectiveness, or developing a competitive advantage Resource Base Control  The key fundamental in resource base acquisition strategies lies in seeking to control supply sources or influence the use of such sources, as well as being able to generate lower costs or better value by having more control over resource-based factors of production. Closeness to Markets  Establishing facilities within developing economic regions enables companies to operate closer to these emerging markets and to react more quickly to market opportunities and trends Economies of Scale  Def’n: are reductions in the cost base of an organization as a result of greater size, process standardization, or enhanced operational efficiencies The Role of Government: Global Market Instability  Government may have to intervene  Liquidity: refers to the cash position of a company and its ability to meet its immediate debt and operational obligations. It also refers to the ability of the company to convert existing assets to cash in order to meet such obligations.  Solvency: refers to the long-term stability of the company and its ability to meet its ongoing debt and operational obligations, and to fund future growth.  Six fundamentals that governments need to commit are: o Ongoing commitment to international trade system > refers to the need for countries to adhere trade policies o Market openness > refers to the need for developing economies to maintain a focus on the core elements of an open economy o Absence of protectionism > restrict markets to foreign competitors o Adherence to fair trade > governments will seek to eliminate black markets o Balanced economic development >The development of internal markets for goods and services results in a stronger economic base and expanded economic activity, which is essential to ensuring that nations create stability and growth in the standard of living for their citizens and residents. o Responsible sovereign debt management > Sovereign debt: debt issued or guaranteed by a national government Global Market Trends The Concept of International Trade > Trade occurs between organizations and individuals > What has allowed trade to flourish is a willingness on the part of the marketplace to engage in the concept of specialization Evolution of a Global Presence List of the examples: Foreign Exchange Influencers 1) GDP movement > 2) Government budget deficit/surpluses 3) Trade Balance 4) Consumer price movements 5) Capital mobility and supply 6) Movement in domestic income level Strong economic growth, which is balanced domestically and internationally and improves the standard of living of the citizens of a country, and which is developed within a context of prudent government debt and fiscal management policies in an environment of controlled inflation, will result in an upward value of a nation’s currency when measured against other countries’ currencies. Chapter 6 and 7: Role of Government in Business Gov activities divided into 6 categories: • Crown Corporations : Company that is owned by federal or provincial government o Created to bail out major industry in trouble • Laws and Regulations: cover from taxation and consumer protection to environmental controls, working conditions, and labour – management relations. o Laws derived from 4 sources: constituition, precedents established by judges, provincial and federal statues, and federal and provincial administrative agencies • Taxation and Financial Policies: all levels of gov collect taxes. Is fine tuned by gov to achieve certain goals or to give effect to certain policies  fiscal policy o Tax revenue used to pay for public services and fund gov operations and programs, susidies o 4 major tax base revenues: income(personal and businesses), sales, property • Gov Expenditures: paying out to citizens, when citizens spend this money – businesses benefit. • Purchasing Policies: gov are large purchasers of ordinary supplies, services, and materials to operate the company. • Services: direct/indirect activities – among them helping companies go international, bringing companies to Canada, training and retraining the workforce, providing a comprehensive statistics National Policy: gov directive that placed high tariffs on imports from United States to protect Canadian manufacturing which had higher costs. Privatization: process of governments selling crown corporations Federal Gov Responsibilities: trade, incorporation, taxation, banking and monetary system, national defence, unemployment, immigration, criminal law, fisheries Marketing Boards: organizations that control the supply or pricing of certain agricultural products in Canada Provincial Gov Responsibilities: provincial trade and commerce, natural resources within their boundaries, direct taxation for provincial purposes, licensing for revenue purposes, health and social services, municipal affairs, property law, labour law and education Municipalities: protects consumers. Services such as : water supply, sewage and garbage disposal, roads, sidewalks, street lighting, building codes, parks etc. Fiscal Policy: federal gov’s effort to keep economy stable by increasing or decreasing taxes or government spending Deficit: occurs when gov spends over and above amount it gathers in taxes for a specific period of time (fiscal year) Surplus: excess of revenues over expenditures National Debt (Federal Debt): accumulation of government surpluses and deficits over time Federal Budget: comprehensive report that reveals government financial policies for coming year Monetary Policy: management of money supply and interest rates Subprime mortgages: loans targeted at people who couldn’t qualify for regular mortgages b/c their credit records were not good enough or they did not have credit history Transfer payments: direct payments from government to other governments or to individuals Equalization: federal government program for reducing fiscal disparities among provinces Industrial Policy: comprehensive, coordinated government plan to guide and revitalize economy Need for Laws Criminal Law: crimes, establishes punishments and regulates investigation and prosecution of people accused of committing crimes Civil Law: legal proceedings that do not involve criminal acts Business Law: rules, statues, codes and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action Statutory and Common Law Statutory Law: federal and provincial legislative enactments, treaties of federal government and written law Common Law: body of law that comes from decisions handed down by judges, - unwritten law Precedent: decisions judges have made in earlier cases that guide the handling of new cases Law made under delegated authority: administrative agencies Administrative agencies: federal or state institutions and other government organizations created by parliament or provincial legislatures w/ delegated power to pass rules and regulations within their mandated area of authority Tort Law: wrongful act that causes injury to another person’s body, property or reputation Negligence: behaviour that does not meet the standard of care required and causes unintentional hard or injury Product Liability: part of tord law that holds business liable for harm that results from production, design, sale or use of products they market Strict Product Liability: legal responsibility for harm or injury caused by product regardless of fault Intellectual Property Patent: form of intellectual property that gives inventors exclusive rights to their inventions for 20 years Copyright: form of intellectual property that protects a creatorès right to materials such as book, articles, photos and cartoons Trademark: brand that has been given exclusive legal protection for both brand name and pictorial design Industrial Design: form of intellectual property that protects owner’s exclusive right to use the visible features of a finished product that identify it Warranties Express Warranties: specific representations by seller that buyers rely on regarding the goods they purchase Implied Warranties: guarantees legally imposed on seller Negotiable Instruments: forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount Contract Law: set of laws that specify what constitutes a legally enforceable agreement Contract: legally enforceable agreement between 2 or more parties Consideration: something of value; consideration is one of the requirements of a legal contract Contract = legally binding if 1. Offer is made: can be oral/written 2. Voluntary acceptance of the offer: both parties of contract must voluntarily agree on terms 3. Both parties give consideration: consideration : something of value and there must be a flow of consideration in both directions 4. Both parties are competent: person under influence of alcohol or drugs or unsound mind cannot be held to a contract 5. Contract must be legal : contract to do something illegal cannot be enforced 6. Contract is in proper form: provincial legis
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