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

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Desmond Mc Keon

Document Summary

Seeks to ensure that losses are borne by those who are responsible for them. No understanding of the law may result in failure to maximize opportunities or lose them altogether. Law: set of rules and principles guiding conduct in society, by: protecting persons and their property. Most well-known by the criminal code of canada. Others including personal information protection and electronic documents act. Setting rules with penalties in order to encourage compliance. Seeking to make those who break the law accountable for their misconduct: breach of conduct: failure to comply with a contractual promise. Personal law: rules concerning marriage, adaptation, disposal of property upon owner"s death. Contract law: rules that make agreements binding and therefore facilitate planning and the enforcement of expectations. Law is not only about conflicts, but also about: Providing definition and context of business, as no contract can provide for all contingencies. Litigation: process involved when one person sues another: providing mechanism for dispute resolution.