AFM231 Chapter Notes - Chapter 1: Tanning Bed, Personal Information Protection And Electronic Documents Act, Corporate Law
18 May 2018
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Chapter 1
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 and more tangible forms of property
• Provides mechanisms that permit businesspeople to select their desired degree of
participation and exposure to risk in business ventures
• Seeks to ensure that losses are borne by those who are responsible for them
• Facilitates planning by ensuring compliance with commitments
Rules and Principles
• The Law is a set of rules and principles intended to guide conduct in society, primarily by protecting
persons and their property, facilitating personal and commercial interactions, and providing
mechanisms for dispute resolution
Protecting persons and their property
• Busiesses ae euied to adeuately potet thei ustoe’s pesoal ifoatio due to
personal information protection and Electronic Documents Act (PIPEDA)
• PIPEDA regulates how a private business collects, uses, and discards personal information acquired
from its customers.
• Oly use/dislose pesoal ifoatio ith ustoe’s oset ad fo the puposes that
ae stated ad easoale
• Need to destoy pesoal ifoatio he it’s o longer needed
• PIPEDA gives consumers the option to make complaints to Privacy Commissioner where
complaints will get resolved.
• The law protects members of society by setting up rules with penalties and hold those who break
the law accountable. Same idea with business law
• Breach of contract: failure to comply with a contractual promise
• Lionel the chicken man can sue people that wrongfully injures his reputation for defamation.
• If a supplier fails to deliver, it is a breach of contract and Lionel can sue for damages.
• Lionel must perform his contracts on time as well and abide the law to avoid financial
penalties and legal prosecutions.
• The government must regulate emerging hazards in the market
• Age of majority: the age at which a person becomes an adult for legal purposes. In Canada, this
ranges form 18-19 years of age, depending on the province.
• Many tanning industry causing cancer with tanning bed
• The approach is not uniform but most need to have warning signs and prohibit those under
the age of majority from using tanning beds.
Facilitating interactions
• The law facilitates commercial activity by providing rules governing the marketplace
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