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Management and Organizational Studies
Management and Organizational Studies 2275A/B

Business Law Chapter Notes 10/18/2013 9:09:00 AM - Business Law  Defines general rules of commerce  Protects business ideas and more tangible forms of property  Permit businesspeople to select their amount of participation and exposure to risk in business ventures  Tries to ensure that losses are given to those responsible  Facilitates planning by ensuring compliance with commitment - Providing protection is the most known use of the law - Law protects society by:  Setting rules with penalties in order to encourage compliance  Seeks to make those who break the law account for their actions - Protects businesses by setting penalties and ensuring accountability - Breach of Contract: Failure to comply with a contractual promise  Can sue for damages - Defamation: Public utterance of a false statement of fact or opinion that harms another’s reputation - Contract Law: Rules that make agreements binding and
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