Textbook Notes (363,566)
Canada (158,433)
MGSC30H3 (57)
H Laurence (33)
Chapter 1

Chapter 1 Notes

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University of Toronto Scarborough
Management (MGS)
H Laurence

Chapter 1 The Law and the Legal System NotesThe Legal Environment of Business y modern business operates in an exceedingly complex legal environment y laws govern the formation of many types of business organizations the products they may manufacture or sell the conditions under which the employees of a business may work the relationships between customers and competitors and indeed between the business owners themselves y one area of business law is tort law which represents an area of the law largely concerned with injury to others y a second major area is contract law and represents the law that has the greatest application in the daytoday operations of a business y special contractual relationships and laws that control these and other business relationships include bailment labour law and employment negotiable instruments consumer protection and the laws relating to restrictive trade practices The Role of Law y the law represents a means of social control and a law in its most basic form is simply an obligatory rule of conduct y the law in contrast to a single law consists of the body of rules of conduct laid down by a sovereign or governing body to control the actions of individuals in its jurisdictions y the law develops to meet the needs of the people in a free society and changes with their changing needs y for this reason the law tends to respond to the demands of a free society rather than shaping its nature Social Control y laws established and enforced by legislators that are not in response to the demands of the majority of citizens of the state may be introduced to shape or redirect society in ways that legislators perceive as desirable y laws of this type represent a form of social engineering that frequently restricts individual rights and freedoms and very often transfers individual rights and powers to the governing body y the desirability of this type of legislation which impinges on the freedom of the individual and alters the rights and behaviour patterns of those living in the jurisdiction has been the subject of debate amongst legal philosophers for centuriesThe Sources and Components of Modern Canadian LawThe Common Law y the Common Lawthe law as found in the recorded judgments of the courts y statute lawa law passed by a properly constituted legislative body Stare Decisis y stare decisis to let a decision stand or to stand by a previous decision is the theory of precedent in Common Law y the doctrine means that a judge must apply the previous decision of a case similar to the one before the court if the facts of the
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