RSM100Y1 Study Guide - Final Guide: Statutory Law, Corporate Law, Product Liability
Document Summary
Judiciary: branch of government responsible for applying laws to settle disagreements. Federal and provincial courts, as well as specialized courts (ie. Law: standards set by government and society in the form of either legislation or custom. Common law: laws that result from judicial decisions. Statutory law: written law that includes provincial, state, and federal constitutions; legislative enactments; treaties of the federal government; and ordinances of local governments. International law: numerous regulations that govern international trade. Business law: parts of law that most directly influence and regulate the management of business activity. Competition act guards against monopolies, price-fixing, and other limitations on competition. Price-fixing: agreement between two or more businesses to set a price for the goods they sell. Market allocation: agreement to divide the market among potential competitors. Boycott in restraint of trade: agreement between business not to sell or buy from a particular entity.
