Textbook Notes (367,969)
Canada (161,538)
Commerce  (111)
COMM 231 (60)
Chapter 1

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Department
Commerce 
Course
COMM 231
Professor
Joseph Radocchia
Semester
Fall

Description
1. Law, society and business Rule of law : established legal principles that treat all persons equally and that government itself obeys Public law: law that regulates the conduct of government and the relations between government and persons Private law (civil law): law that regulates the relations between private persons and groups of private persons When a person breaks the law, they are held responsible for the consequences – legal liability. Criminal liability: responsibility arising from commission of an offence against the government or society as a whole Regulatory or quasi-criminal liability: responsibility arising from breaches of less serious rules of public law, enforced through specialize regulatory tribunals set up by the government for specific purposes Civil liability: responsibility arising from a breach of a private law, enforced through a lawsuit initiated by the victim Legal Risk Management Plan: Identify potential risks. Assess and prioritize each legal risk. Develop effective strategies (reaction or prevention). Implement the plan. Review and update plans. Strategies: 1. Avoid risk – discontinue product 2. Reduce risk – decrease the likelihood of the risk 3. Transfer risk- shift the consequences to someone else(insurance) 4. Absorb risk – used for remote or small valued risks. “self-insuring” Accept risk may occur. Business Ethics Why would businesses adopt a higher standard than law? A firm behaves ethically because that’s how its owners or managers believe it should behave. Corporate Social Responsibilities: ethical, legal and economic. Consider ethical issues including the interests of customers, employees, creditors, the public and other stakeholders. Code of Conducts 1. Binding Code. Similar to law, if you are part of a trade association, you must follow these codes. 2. Voluntary codes. Implicit threat that if you don’t follow these codes, the
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