MCS 2600 Chapter Notes - Chapter 1: Environmental Protection, Neutral Party, Business Ethics

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Lianne Foti

Document Summary

Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Business law defines general rules of commerce, protects business ideas, seeks to ensure that those who are responsible for them bare losses, ensures compliance with commitments etc. Ignorance of business law may lead to being subjected to regulatory and judicial sanctions including being fined, pay penalties, or get closed down. Law: the set of rules and principles guiding conduct in society. Those who break the criminal code of canada are subject to criminal sanctions including fines or imprisonment. The law (1) sets rules w/ penalties that encourages compliance (2) makes law breakers accountable. Breach of contract: failure to comply with a contractual promise. The law facilitates personal interactions by providing rules concerning marriage, adoption, and the disposal of property upon owner"s death etc. Contract law: rules that make agreements binding & therefore facilitate planning & the enforcement of expectations.