Business Law :
I – The Need For Laws:
What is a criminal law?
• Defines crimes, establishes punishments, and regulates the investigation and
prosecution of people accused of committing crimes.
What is a civil law?
• Legal Proceedings that do not involve criminal acts.
What is business law?
• Rules, statutes, codes and regulations that are established to provide a legal framework
within which business may be conducted and that are enforceable by court action.
II – Statutory and Common Law:
What is statutory law?
• Federal and provincial legislative enactments, treaties of the federal government, and
bylaws/ordinancesin short, written law.
What is common law?
• The body of law that comes from decisions handed down by judges; also referred to as
What is a precedent?
• Decisions judges have made in earlier cases that guide the handling of new cases.
What are tort laws?
• Cause injury to another person:
Focus on compensation: Product Liability, Intelectual Property.
Negligence: Behaviour that does not meet the standard of care required and caus
unintentional harm or injury.
What is product Liability?
• Part of tort law that holds businesses liable for harm that results from production,
design, sale or use of products they market.
What is strict product liability? • Legal responsibility for harm or injury caused by a product regardless of fault.