Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Neutral Party, Debt Management Plan, Environmental Protection
10 Oct 2012
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Document Summary
Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Protects business ideas and more tangible forms of property. Provides mechanisms that permit businesspeople to select their desired degree of participation and exposure to risk in business ventures. Seeks to ensure that losses are born by those who are responsible for them. Law: the set of rules and principles guiding conduct in society. Protects in two ways: it sets rules with penalties, it seeks to make those who break the law accountable for their misconduct. Breach of contract: failure to comply with a contractual promise. Defamation: public utterance of a false statement that harms another person. Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations. Litigation: the process involved when one person sues another. In the event that a formalized settlement agreement is not reached, the legal system offers mediation and arbitration to avoid litigation.
