Business Law Ch. 1 Notes.docx

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Management and Organizational Studies
Course Code
Management and Organizational Studies 2275A/B
Philip King

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Business Law Ch. 1 Notes Chapter 1 Law in the Business Environment  Knowledge of the law is a business asset that can assist owners and managers in reaching their goals and objectives  Business law: a set of established rules governing commercial relationships, including the enforcement of rights  Business law: o Defines general rules of commerce o Protects business ideas and more tangible forms or 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  Law: the set of rules and principles guiding conduct in society o Primarily by protecting persons and their property, facilitating personal and commercial interactions, and providing mechanisms for dispute resolution o The law protects members of society in two ways:  It sets rules with penalties in order to encourage compliance  It seeks to make those who break the law accountable for their misconduct o Protects businesses by setting penalties and ensuring accountability o The law facilitates personal interactions by providing rules concerning marriage, adoption, and the disposal of property upon the owner’s death, etc.  Breach of contract: failure to comply with a contractual promise  Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations o Allows business enterprises to plan for the future and to enforce their expectations
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