Management and Organizational Studies 2275A/B Chapter Notes - Chapter 8-11: Upper Clements, Neutral Party, Interlocutory Injunction

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 1: knowledge of law as a business asset. Knowledge of the law is a business asset that can assist owners and managers in reaching their goals and objectives. 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 borne by those who are responsible for them. Facilitates planning by ensuring compliance with commitments. Lack of knowledge in the law can result in failure to maximize opportunities or in losing out on them altogether. Law: the set of rules and principles guiding conduct in society. Probably the most familiar purpose of the law is to provide protection. Ex. those who violate the criminal code of canada are subject to criminal sanctions.