MCS 3040 Chapter Notes - Chapter 1: Neutral Party, Business Ethics, Debt Management Plan
17 Oct 2014
School
Department
Course
Professor
Document Summary
Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Law: the set of rules and principles guiding conduct in society. Breach of contract: failure to comply with a contractual promise. Age of majority: the age at which a person becomes an adult for legal purposes. In canada, this ranges from 18-19 years of age, depending on the province. Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations. Litigation: the process involved when one person sues another. 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. Liability: legal responsibility for the event or loss that has occurred. Legal risk management plan: a comprehensive action plan for dealing with the legal risks involved in operating a business.
