AFM231 Chapter Notes - Chapter 1: Corporate Law
11 Jul 2018
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Document Summary
Broadly, what law is and its role in business. Law set of rules and principles guiding conduct in society: provide protection (criminal code of conduct) 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. 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. Afm 231 chapter 1: knowledge of law as a business asset.
