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Management and Organizational Studies 2275A/B- Final Exam Guide - Comprehensive Notes for the exam ( 111 pages long!)


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

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

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Bus Law 2275: The Legal Environment of Business, Chapters 1-4
Chapter 1 Knowledge of law as a Business Asset
Law in the Business Environment
Business law a set of established rules governing commercial relationships, including
the enforcement of rights
o Defines general rules of commerce
o Protects business ideas and more tangible forms of property
o Provides mechanisms that permit businesspeople 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 the set of rules and principles guiding conduct in society
Protecting Persons and Their Property
The law protects members of society in two ways:
o It sets rules with penalties in order to encourage compliance
o It seeks to hold those who break the law accountable for their misconduct
Breach of contract failure to comply with a contractual promise
Facilitating Interactions
Contract law rules that make agreements binding and, therefore, facilitate planning
and enforcement of expectations
o Functions to prevent disputes and to facilitate relationships
Litigation the process involved when one person sues another
Providing Mechanisms for Dispute Resolution
Questions to ask:
o Are legal proceedings absolutely necessary, at least right now?
o Is there a way to resolve the problem from a larger, relationship-preserving
perspective, rather than from a strictly legal viewpoint?
Mediation a process through which the parties to a dispute endeavour to reach a
resolution with the assistance of a neutral person
Arbitration a process through which a neutral party makes a decision (usually binding)
that resolves a dispute
How and Why the Law Works
It is a rule of law that a party who suffers a breach of contract is entitled to be put in the
position that he or she would have been in had the contract been fulfilled
Knowledge of the Law as a Business Asset
Legal risk management plan a comprehensive action plan for dealing with the legal
risks involved in operating a business
o Identify and plan for risks before they occur
Law and Business Ethics
Business ethics moral principles and values that seek to determine right and wrong in
the business world
o Business to Consumer how far should a company go in extolling the virtues of
its product? When does sales talk become deception?
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o Business to Society to what lengths should a company go to enhance
shareholder return? To reduce costs, should a business employ child labour in
those countries where it is legal to do so? What if the child’s income is essential
to the family’s survival?
o Business to Employee should a business monitor employee emails and Internet
use on company computers?
o Business to Business short of lying or fraud, is it ethical to bluff during
business negotiations? When does bluffing become a form of corruption?
Chapter 2 The Canadian Legal System
Introduction
Government is divided into three branches:
o The legislative branch creates law in the form of statutes and regulations
o The executive branch formulates and implements government policy (the central
ideas or principles that guide government in its work, including the kind of law it
passes) and law
o The judicial branch adjudicates
Constitutional law which is the supreme law of Canada that constrains and controls
how the branches of government exercise power
o It is also charged with upholding “the values of a nation”
Liberalism a political philosophy that emphasizes individual freedom as its key
organizing value
The Canadian Legal System the machinery that comprises and governs the legislative,
executive, and judicial branches of government
The legislative branch of government passes laws that impact on business operations
o E.g. when government enacts a law, failure to comply can result in fines and other
penalties
The executive branch implements and generates policy that may be directed at business
o E.g. GM Motors have departments that is charged with monitoring government
policy
The judicial branch provides rulings that not only resolve existing legal conflicts but also
impact on future disputes
o SCC’s determination of whether commercial expression is protected speech under
The Canadian Charter of Rights and Freedoms has an impact from cigarette
producers to toy manufacturers
The Canadian Constitution
The written elements of the Constitution include the Constitution Act, 1867 (divides
legislative power between the federal and provincial governments and the Canadian
Charter of Rights and Freedoms
Constitutional conventions important rules that are not enforceable by a court of law
but that practically determine how a given power is exercised by government: a “code of
ethics that governs our political processes”
The Legislative Branch of Government
The legislative branch the branch of government that creates statute law (formal,
written laws created or enacted by the legislative branch of government)
o E.g. Criminal Code of Canada
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