RSM225 Fall 2019 Sahni Class 1 Lecture Outline.pdf - \u2022 Rotm Cummt UNIVERSITY OF TORONTO RSM 225 Legal Environment of Business CLASS 1 OVERVIEW OF THE

RSM225 Fall 2019 Sahni Class 1 Lecture Outline.pdf - •...

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Rotm. Cummt,, U NIVERSITY OF TORONTO R SM 225 L egal Environment of Business C LASS 1: O VERVIEW OF THE C ANADIAN LEGAL SYSTEM R aj Sahni T his is an outline only. Students are responsible for all assigned reading and lectuz - e content. C opyright © 2019. R.S. Sahni. All Right reserved. 1 . What is Law? > Body of rules enacted or customary in a community or s ociety and recognized as requiring or prohibiting c ertain actions of its members and enforced by the i mposition of penalties > Sources of Law in Canada: Statutes Common Law 2 . Statutes > Written (codified) rules > Sources: C onstitution Federal and Provincial legislatures (Statutes/Acts) Municipal governments (by-laws) Administrative bodies (quasi-statutory/subordinate l egislation)
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3. Advantages and Disadvantages of S tatute -Based Legal System Advantages: clear written rules to govern conduct clear penalties for breach of rules equal application of law to all people greater certainty & predictability 3 . Advantages and Disadvantages of S tatute -Based Legal System (Con't) Disadvantages: does not allow for consideration of individual f acts or extenuating circumstances does not allow for consideration of a p erson's intent does not al low for consideration of a lternative remedies may lead to legally correct but inequitable r esults does not allow for rapid change to keep pace w ith societal values 4 . Common Law Combination of long settled principles and j udge -made law Advantages: allows for consideration of individual f acts and circumstances flexible can keep pace with changing s ociety al lows for more equitable/fair results 2
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4. Common Law (Cont'd)
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