MCS - MCS*3040 - Business and Consumer Law...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MCS*3040 - Business and Consumer Law MCS*3040 Midterm - Chapter 1-4 (pg. 1-100) - Chapter 10-12 (pg. 227-293) - Chapter 5-7 (pg.101-170) - Chapter 8-9 (pg. 171-226) - For greater clarity, you are being examined on the Introductory/Canadian legal system, tort law and contract law chapters and of course, on class content. - 30 MC (75 points) - 15 T/ F (15 points) - 2 of 4 SA (10 points) CHAPTER 1 - Knowledge of Law as a Business Asset Business Law in Practice - Spam , unsolicited e-mail advertising a product or service Law in the Business Environment - Business law , a set of established rules governing commercial relationships, including the enforcement of rights. - This is because business law 1. defines general rules of commerce 2. protects business idea and more tangible forms of properties 3. provides mechanisms that help to manage risk and ensures losses are borne by those who are responsible 4. Facilitates planning by ensuring compliance Rules and Principles - The law is the set of rules and principles guiding conduct in society 5. protecting persons and their property 6. facilitating interactions 7. providing mechanisms for dispute resolution - The most familiar purpose of law is to provide protection - Those who violate the Criminal Code of Canada - such as by breaking into another person’s house, assaulting someone, or committing a commercial fraud - are subject to criminal sanctions such as fines or imprisonment. - Breach of contract , failure to comply with a contractual promise - Contract law , rules that make agreements binding, and facilitate planning and enforcement of expectations - Solutions to legal dispute exist at a various levels of formality. 1. The first step is for the parties to try to come to a resolution between themselves and produce, if necessary a formalized agreement
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2. mediation , a process through which the parties to a dispute endeavor to resolution with the assistance of neutral person 3. arbitration , a process through which a neutral party makes a decision (usually binding) that resolves a dispute 4. litigation , the process involved when one person sues another - Liability , legal responsibility for the event or loss that has occurred How and Why Law Works - Legal risk management plan , a comprehensive action plan for dealing with the legal risks involved in operating a business Law and Business Ethics - Business ethics , moral principles and values that seek to determine right and wrong in the business world - Business ethics require entrepreneurs to conform to principles of commercial morality, fairness, and honesty Chapter Summary (pg. 17) CHAPTER 2 - The Canadian Legal System Business Law in Practice - Statement of claim , a document setting out the basis for a legal complaint Introduction - The Canadian legal system is the machinery that comprises and governs the legislative, executive, and judicial branches of government: 8. Legislative branch – passes laws that impact on business operations 9. Executive branch – generates and implements government policies that may
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/13/2012 for the course BUS 3040 taught by Professor Lindachiasson during the Winter '11 term at University of Guelph.

Page1 / 31

MCS - MCS*3040 - Business and Consumer Law...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online