Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Corporate Law, Business Ethics, Promissory Note
Document Summary
The law impacts every aspect of society, including the business environment. 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 borne by those who are responsible for them. Example: a business that neglects to protect its intellectual property may have its ideas taken with impunity by a competitor. Legal ignorance or intentional de ance of the law may result in further problems. Law is a set of rules and principles intended to guide conduct in society, primarily by protecting persons and their property, facilitations personal and commercial interactions, and providing mechanisms for dispute resolution. Businesses are legally required to protect their customers personal information due to the regime established by canada"s personal information protection and electronic documents act. The law protects members of society in two ways.