Mos 2275 Chapter 1 Notes

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Desmond Mc Keon
Semester
Fall

Description
Chapter 1 Law in the Business World  Business law: A set of established rules governing commercial relationships, including enforcement of rights o Defines general rules of commerce o Protects business ideas and more tangible forms of property o Provides mechanisms that permit businesspeople to select their desired degree of participation and exposure to risk in business ventures o Seeks to ensure that losses are borne by those who are responsible for them o Facilitates planning by ensuring compliance with commitments No understanding of the law may result in failure to maximize opportunities or lose them altogether  Law: Set of rules and principles guiding conduct in society, by: o Protecting persons and their property  Most well-known by the Criminal Code of Canada  Others including Personal Information Protection and Electronic Documents Act  Protects members of society by:  Setting rules with penalties in order to encourage compliance  Seeking to make those who break the law accountable for their misconduct o Breach of conduct: Failure to comply with a contractual promise o Facilitating personal and commercial interactions  Personal law: Rules concerning marriage, adaptation, disposal of property upon owner’s death  Contract law: Rules that make agreements binding and therefore facilitate planning and the enforcement of expectations  Law is not only about conflicts, but also about:  Preventing disputes and facilitating relationships  Providing definition and context of business, as no contract can provide for all contingencies  Litigation: Process involved when one person sues another o Providing mechanism for dispute resolution  Not all conflicts should be resolved via the formal legal system, especially if the cost is overbearing  Questions to ask before suing:  Are legal proceedings absolutely necessary, at least right now?
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