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Management and Organizational Studies 2275A/B- Midterm Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)


Department
Management and Organizational Studies
Course Code
MOS 2275A/B
Professor
Philip King
Study Guide
Midterm

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Western
Management and Organizational Studies
2275A/B
MIDTERM EXAM
STUDY GUIDE

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Law impacts every aspect of society; business environment
Affects most business decisions (from development of basic business idea to implementation
Includes financing, hiring, production, marketing and sales
Defines general rules of commerce
Protects business ideas and more tangible forms of property
Seeks to ensure that losses are borne by those who are responsible for them
Facilitates planning by ensuring compliance with commitments
A set of established rules governing commercial relationships including the enforcement
of rights
Business Law:
Law in the Business Environment:
Law = set of rules and principles intended to guide conduct in society, primarily protecting
person/property, facilitating personal and commercial interactions, and providing mechanisms
for dispute resolution
Personal Information Protection and Electronic Documents Act
Example: Businesses are legally required to adequately protect their customers' personal
information due to the regime established by Canada's PIPEDA
Sets rules with penalties to encourage compliance
1.
Seeks to hold those who break the law accountable for their misconduct
2.
Law protects members of society in 2 ways:
Setting penalties/ensuring accountability
Law protects businesses by:
Breach of Contract = Failure to comply with a contractual promise
Age of Majority = age at which a person becomes an adult for legal purposes in Canada
(ranges from 18-19) depending on province
Rules and Principles:
Law facilitates personal interactions by providing rules concerning marriage, adoption and
disposal of property upon owner's death
Facilitates commercial activity by providing rules governing the marketplace
Allows business enterprises to plan for the future and to enforce their expectations
Contract Law = rules that make agreements binding and therefore facilitate planning and the
enforcement of expectations
Law functions to prevent disputes to facilitate relationships
Law addresses failed relations - when one party does not meet its contractual obligations or
gives negligent legal advice - not primarily about conflict
Contract law allows him to accomplish this end by providing a mechanism so that
both parties can describe and enforce their commitments to each other
Example: Business wants a long term relationship with supplier
Legal rules provide definition and context to doing business
Litigation = The process involved in suing someone
Facilitating Interactions:
When one party fails to keep a contractual commitment, suing the person is the best and only
response
Try to resolve a legal dispute with a formalized settlement agreement
Process through which the parties to a dispute endeavor reach a resolution with
the assistance of a neutral person
Mediation
Legal system offers mediation and arbitration to avoid litigation
Providing Mechanisms for Dispute Resolution:
Chapter 1: Knowledge of Law as a Business Asset
Friday, September 15, 2017
11:09 AM
Textbook Notes Page 1
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the assistance of a neutral person
Process through which a neutral party makes a decision that resolves a dispute
Arbitration
This way the liability of one business to another can be established
Legal responsibility for the event or loss that has occurred.
Liability
If mediation and arbitration fails, last resort solution is to litigate
Also demands that both the process for determining liability and the rules or laws that
are applied in that process are fair and free from bias
Canada's legal system opposes to inequitable, arbitrary, and violent alternatives
Employment equity law will not end discrimination
Restrictive copyright laws will not stop piracy etc.
Goals of Canadian justice system are ambitious and difficult to achieve
However offers a mechanism for achieving goals of protection, facilitation and dispute
resolution
Bankruptcy law is the vehicle ensuring those affected by a failed business be treated fairly,
reasonably and agreed upon rules
How and Why the Law Works:
Objective is to identify and plan for risks before they occur
Legal Risk Management Plan = A comprehensive action plan for dealing with the legal risks
involved in operating a business
Knowledge of the Law as a Business Asset:
Not enough to just comply with the law as ethics demand much ore
Business Ethics = Moral principles and values that seek to determine right and wrong in the
business world
Ethics requires businesses to conform to principles of commercial morality, fairness, and
honesty
Law and Business Ethics:
Business to Consumer: How far should a company go in extolling the virtues of its product? When
does sales talk become deception?
Business to Society: To what lengths should a company go to enhance shareholder return? To reduce
costs, should a business employ child labor in those countries where it is legal to do so?
Business to Employee: Should a business monitor employee emails and internet use on company
computers?
Textbook Notes Page 2
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