AFM131 Chapter Notes -Alternative Dispute Resolution, Canadian Business, Corporate Law

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Ingrid Liu
AFM 231 introduces you to basic concepts in law, particularly on topics that will be of specific relevance to you
as future business managers or operators. Further, the emphasis is not only on legal principles but on the
management of legal services.
U n i v e r s i t y o f W a t e r l o o
Canadian Business and Law
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CHAPTER 1 KNOWLEDGE OF LAW AS A BUSINESS ASSET
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LAW IN 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 and more tangible forms of property
Provides mechanisms that permit business people to select their desired degree of
participation and exposure to risk in business ventures
Seeks to ensure losses are borne by those who are responsible for them
Facilitates planning by ensuring compliance with commitments
Rules and Principles
Law Set of rules and principles guiding conduct in society
Protecting Persons and Their Property
The law protects members of society in two ways:
1. It sets rules with penalties in order to encourage compliance
2. It seeks to make those who break the law accountable for their misconducts
Breach of Contract Failure to comply with a contractual promise
Facilitating Interactions
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
Providing Mechanisms for Dispute Resolution
Legal system offers mediation and arbitration as ways of avoiding litigation
Mediation Process through which parties to a dispute endeavor to reach resolution with
assistance of a neutral person
Arbitration Process through which neutral party makes a decision (usually binding) that
resolves a dispute
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Liability Legal responsibility for event or loss that has occurred
HOW AD WHY THE LAW WORKS
Goals of Canadian justice system are ambitious and often difficult to accomplish
Employment equity law will not end discrimination
Reform of bankruptcy law will not prevent business failures
Restrictive copyright laws will not stop unauthorized copying in everyday life
Law can, however, offer itself as a mechanism for achieving goals of protection, facilitation, and
dispute resolution
Legal Risk Management Plan
A comprehensive action plan for dealing with the legal risks involved in operating a business
LAW AND BUSINESS ETHICS
Business Ethics
Moral principles and values that seek to determine right and wrong in the business world
A few examples:
Labour practices
Employee privacy
Environmental protection
Advertising
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Document Summary

Afm 231 introduces you to basic concepts in law, particularly on topics that will be of specific relevance to you as future business managers or operators. Further, the emphasis is not only on legal principles but on the management of legal services. Spam unsolicited email advertising a product or service. Business law a set of established rules governing commercial relationships, including the enforcement of rights. Protects business ideas and more tangible forms of property. Provides mechanisms that permit business people to select their desired degree of participation and exposure to risk in business ventures. Seeks to ensure losses are borne by those who are responsible for them. Facilitates planning by ensuring compliance with commitments. The law protects members of society in two ways: Set of rules and principles guiding conduct in society. It sets rules with penalties in order to encourage compliance. It seeks to make those who break the law accountable for their misconducts.

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