Textbook Note - Chapter 1.pdf

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2275A/B
Professor
Philip King
Semester
Fall

Description
Knowledge of Law as a Business Asset Law in the Business Environment Business Law: A set of established rules governing commercial relationships, including the enforcement of rights. Defines general rules of commerce 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 Facilitates planning by ensuring compliance with commitments Rules and Principles Law: The set of rules and principles guiding conduct in society Protecting Person and Their Property Protects in two ways 1. It sets rules with penalties 2. It seeks to make those who break the law accountable for their misconduct Protects businesses Breach of Contract: Failure to comply with a contractual promise. Defamation: Public utterance of a false statement that harms another person. Facilitating Interactions 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. Providing Mechanisms for Dispute Resolution Important Questions to ask: Are legal proceedings absolutely necessary, at least right now? Is there a way to resolve the problem from a larger, relationship-preserving perspective, rather than from a strictly legal viewpoint? In the event that a formalized settlement agreement is not reached, the legal system offers Mediation and Arbitration to avoid litigation. Mediation: A
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