Textbook Notes (362,991)
Canada (158,132)
MCS 2600 (65)
Chapter 1

Chapter 1 Consumer Behaviour

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University of Guelph
Marketing and Consumer Studies
MCS 2600
Lianne Foti

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  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 Protecting people & their property  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 Facilitating Interactions  The law facilitates personal interactions by providing rules concerning marriage, adoption, and the disposal of property upon owner’s death etc.  Provides rules governing the marketplace Contract Law: rules that make agreements binding & therefore facilitate planning & the enforcement of expectations  Though the law does forbid certain activities (false advertising, operating a business without a license etc.) its larger role is to facilitate business  Legal rules provide definition and context to doing business  Certainty in business relationships is most important contribution the law can make and this is created through contractual agreements where both parties are in agreement on what’s expected  When issues arise that contract doesn’t cover, often the parties will solve this themselves  If 1 or both parties involve the legal system, a judge will apply established rules governing contracts Litigation: The process involved when one person sues another Providing Mechanisms for dispute resolution  Up to judgement & situation whether conflict should or
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