Business Law Questions and Solutions

Business Law Questions and Solutions - CHAPTER1 Objectives ,

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C HAPTER 1 K NOWLEDGE OF L AW AS A B USINESS A SSET Objectives After studying this chapter, you should have an understanding of: the role of law in the business environment the planning function of law the values associated with the Canadian legal system the importance of legal knowledge as a business asset Learning Outcomes Understand the role of law in the business environment (page 4) Understand the purpose of laws (page 5) Understand how legal disputes are resolved (page 8) Understand the values of the Canadian legal system (page 9) Recognize that knowledge of law is a business asset (page 11) Chapter Summary Law is designed to protect people and their property. Some laws set rules of behaviour while other laws define how those rules should be enforced if someone does not follow acceptable behaviour. Disputes inevitably arise and the law provides methods of settling those disputes in a fair and impartial way. The goal of the Canadian legal system is to provide justice through laws that are accessible, constant, flexible, reasonable, and enforceable. Knowledge of the law is an essential business asset. Business owners need to know the general legal rules of business, and in particular they need to be very familiar with contract rules. They need to know how to protect their business property and they need to know how to enforce rules that make wrongdoers responsible for losses. They need to be aware of regulatory and judicial sanctions, such as fines, penalties, and closures, which can have a detrimental effect on their business. Ignorance of the law can have a devastating impact on a business. Study Outline Use this outline to prepare a complete set of notes for this chapter. Rules and Principles – page 4 _______________________________________________________________________ _______________________________________________________________________ Protecting Persons and Their Property_________________________________________ Sets rules of behaviour__________________________________________________ Enforces rules of behaviour______________________________________________ © 2008 BY N ELSON , A DIVISION OF T HOMSON N ELSON L TD .
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PART 1: THE LEGAL ENVIRONMENT OF BUSINESS Facilitating Interactions____________________________________________________ Creates certainty_______________________________________________________ Providing Mechanisms for Dispute Resolution__________________________________ Litigation ___________________________________________________________ Mediation ___________________________________________________________ Arbitration___________________________________________________________ SELF-ASSESSMENT Key Terms Briefly define each term in the space provided Business law – page 4 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Law – page 4 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Breach of contract – page 6 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Contract law – page 7 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Litigation – page 7 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Mediation – page 8 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ © 2008 BY N ELSON , A DIVISION OF T HOMSON N ELSON L TD . 1-2
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CHAPTER 1: KNOWLEDGE OF LAW AS A BUSINESS ASSET Arbitration – page 8 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Liability – page 8 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Legal risk management plan – page 11 _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ Matching Match the correct letter of each term in the space provided before each sentence. A Business law B Law C Breach of contract D Contract law E Litigation F Mediation G Arbitration H Liability I Spam J Business Ethics 1. ____ Legal responsibility for a loss. 2. ____ Failure to comply with a contractual promise.
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