Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Business Ethics, Neutral Party

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Paul Dimovski
Business Law
Textbook Readings – Ch. 1
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.
oDefines general rules of commerce
oProtects business ideas and more tangible forms of property
oProvides mechanisms that permit businesspeople to select their desired degree
of participation and exposure to rick in business ventures
oSeeks to ensure that losses are borne by those who are responsible for them
oFacilitates planning by ensuring compliance with commitments
Rules and Principles
The law is a set of rules and principles intended to guide conduct in society, primarily by
protecting persons and their property, facilitating personal and commercial interactions,
and providing mechanisms for dispute resolution.
Protecting Persons and Their Property
oThose who violate the Criminal Code of Canada are subject to criminal sanctions,
such as fines or imprisonment
oBusinesses are legally required to adequately protect their customers’ personal
information due to the regime established by Canada’s Personal Information
Protection and Electronic Documents Act.
oThe law protects members of society in two ways: it sets rules with penalties in
order to encourage compliance, and it seeks to hold those who break the law
accountable for this misconduct
oBreach of Contract: Failure to comply with a contractual promise
oDefamation is the public utterance of a false statement of fact or opinion that
harms another’s reputation.
Facilitating Interactions
oThe law of contract, for example, provides a way for parties to enter into binding
agreements, thereby creating a measure of security and certainty in their
business operations. Contract law allows business enterprises to plan for the
future and to enforce their expectations.
Contract Law: Rules that make agreements binding and, therefore,
facilitate planning and the enforcement of expectations.
oThe law functions to prevent disputes and to facilitate relationships.
oLaw’s more significant role is facilitative.
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