MCS 3040 Chapter Notes - Chapter 1: Neutral Party, Debt Management Plan

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Chapter 1: knowledge of law as a business asset. Contract law: rules that make agreements binding and, therefore, facilitate planning and the enforcement of expectations: allows businesses to plan for the future and enforce their expectations, functions to prevent disputes and to facilitate relationships. Litigation: the process involved when one person sues another: provides mechanism for dispute resolution, when one party fails to keep a contractual commitment you have options, start with formalized settlement agreement (maintain business relationship). If that doesn"t work move to mediation or arbitration to avoid litigation (lawsuit) Mediation: the 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. Liability: legal responsibility for the event or loss that has occurred.