Ch 1 Knowledge of Law.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B
Frederick King

Knowledge of Law 10/1/2012 11:43:00 AM Chapter 1 Business Law  Business law: o Defines general rules of commerce o Protects business ideas and more tangible forms of property o Provides mechanisms that permit business people to select their desired degree of participation and exposure to risk in business ventures o Seeks to ensure that losses are borne by those who are responsible for them o Facilitates planning by ensuring compliance with commitments Rules and Principles  Law – a set of rules and principles guiding conduct in society o Provides protection in two ways:  Sets rules with penalties in order to encourage compliance  It seeks to make those who break the law accountable for their misconduct  Breach of contract – failure to comply with a contractual promise o Rule of law that a party who suffers a breach on contract is entitled to be put in t
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