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

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

Document Summary

Knowledge of law as a business asset the role of law in guiding conduct the importance of legal knowledge in the business environment the challenges posed by business ethics and their relationship to legal requirements. After studying this chapter, you should have an understanding of. Law is involved in all aspects of business, whether the entrepreneur is aware of it or not. The law protects persons and their property; facilitates commercial interactions, particularly through contract law; and provides mechanisms for dispute resolution. Though not perfect, the canadian legal system has much to recommend it. The system strives for just outcomes by demanding that both the process for determining liability and the rules or laws that are applied in that process are fair, objective, and free from bias. No justice system, of course, can consistently accomplish all these goals. This chapter emphasizes the idea that knowledge of the law is an essential business asset.