Text Notes Part One.docx

2 Pages
Unlock Document

Western University
Management and Organizational Studies
Management and Organizational Studies 2275A/B
Bill Irwin

Part One Chapter 1 Knowledge of Law as a Business Asset Business law  Defines general rules of commerce  Protects business ideas and more tangible forms of property  Provides mechanism that permit business ppl to select their desired degree of participation and exposure to risk in business ventures  Seeks to ensure losses are borne by those who are responsible for them  Facilitates planning by ensuring compliance with commitments Law: set of rules and principles guiding conduct in society primarily by.. Protecting Persons and Their Property  (1) Sets rules and penalties in order to encourage compliance and (2) seeks to make those who break law accountable for actions  Violate Criminal Code of Canada o E.g. breaking in, assaulting, commercial fraud  Sets penalties and ensuring accountability o E.g. law firm gives negligent advice to client  Breach of contract: failure to comply with contractual promise  Government can neglect to or decide against regulating in a given area Facilitating Interactions  Providing rules concerning marriage, adoptions and disposal of property up owners death – commercial activity by rules governing marketplace o E.g. contract law: rules that make agreements binding & therefore facilitate planning & the enforcement of expectations  Litigation: process involved when one sues another Providing Mechanisms for Dispute Resolution  Solutions.. 1 step is for parties to try to come to resolution between themselves and produce settlement agreement if not: - Mediation: process through which the parties to a dispute endeavour to reach resolution with assistance of neutral person - Arbitration: neutral party makes decision(usually binding) that resolves a dispu
More Less

Related notes for Management and Organizational Studies 2275A/B

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.