After completing this chapter, you should be able to:
Explain why it is important for business people to study law
List four basic strategies for managing risks.
List three strategies for risk management that busines
Law ch 8
1. Explain the nature of consideration and the role it plays in the formation of contracts.
Consideration exists when a party with gives (or promises to give) a benefit to someone else or suffers
(or promises to suffer) a detriment to itself. It
Law ch 15
1. Name three types of estates and explain how they differ from one another.
The fee simple: Right to exclusive possession during own life and right to dispose of property upon death
The life estate: Right to exclusive possession during relevant
Law ch 12
1. Define the term "damages" and explain why the courts will generally award only damages for a
breach of contract.
Damages is an award of money that is intended to cure a wrongful event, such as a breach of contract.
The courts of law historica
law ch 10
1. Identify six types of parties that lack capacity or have limited capacity to contract.
Mentally disabled persons
Indian bands and Aboriginal persons
2. Distinguish betwee
Law ch 19
1. Outline the business problems arising from the domain name system and understand the Canadian
Internet Registry Authority Dispute Resolution Policy and its remedies.
A person may innocently or justifiably register a domain name that is later
Chapter 1 /2 unit 1
1. Explain why it is important for business people to study law.
To be aware of the rules that guide commercial transactions.
To understand the nature of government organizations and the different laws that
may affect you
Chapter One & Two Notes:
-Every business choice has legal consequences, some are profitable, some are not
-success in the business world depends on ability to make good legal choices
-A contract is a legal way to allow people to enforce promises
This assignment should be done after studying Units 4 and 5 and completing the quizzes for those Units.
It is worth 10% of the final course mark.
Find online a major news story about a serious accident that happened in Canada involving a busi
Case Study A
Stan is thinking about starting a toxic waste disposal business. He plans to collect the waste from
businesses that produce it and then dispose of it in a sanitary landfill. In order to start this business, Stan
will need a subst
Law ch 20
1. Explain how an agency relationship can be created.
An agent is a person who acts on behalf of someone else for some specific person. A relationship can be
created through employment of their services to represent the business or yourself in a
Law ch 18
1. Demonstrate how businesses can generate value from ideas.
Through artificial scarcity which occurs when an idea is rendered exclusive and rivalrous, thereby
rendering its supply inadequate.
2. Explain the competing interests that intellectual
Law ch 11
1. Explain the nature and effect of a discharged contract.
A contract is discharged when the parties are relieved of the need to do anything more. Some involve
performance; others reflect the parties' agreements or intentions; still others arise
1. Define the word tort
Generally consists of a failure to fulfill a private obligation that was imposed by law.
2. Explain the similarities and differences between torts and crimes
Tort is an obligation owed to a person and breaks that private obligation
law ch 17
1. Distinguish between real property and personal property, and between tangible property and
Real property is immovable.
Personal property is movable.
Tangible property is a thing that can be touched.
Intangible property is
1. Describe the nature and function of the concept of a duty of care.
A duty of care exists if the defendant is required to use reasonable care to avoid injuring the plaintiff. It
is required for an action in negligence. First the judge will ask i
Law ch 7
1. Identify three essential elements of most contracts.
The parties must have an intention to create legal relations.
They must reach a mutual agreement through the process of offer and acceptance.
They must enter into a bargain by each giving co
Law ch 9
1. Identify pre-contractual and contractual statements.
A statement becomes a contractual term only if it is included in the agreement as a legally enforceable
A pre-contractual representation is a statement one party makes by words o
1. Describe the tort of conspiracy and explain the risks that arise when two or more companies plot
together against another business.
Conspiracy usually occurs when two or more defendants agree to act together with the primary purpose
Law ch 13
1. Explain why knowledge of the Sales of Goods Act is important for risk management.
The Act provides default rules, a contract may include terms that the parties did not even discuss. If you
are buying or selling goods you should know the right
1. Explain the general nature of intentional torts and define "intention" as it applies to those torts.
Involves intentional rather than merely careless but it is enough if the defendant knew that a particular
act would have particular consequences. The p
Law ch 16
1. Explain the basic differences between a registry system and a land titles system, and indicate which
system operates in your jurisdiction.
A registry system provides an opportunity to inspect and evaluate documents that may affect real
After completing this chapter, you should be able to:
Describe class actions and explain when they can be used.
List the advantages and disadvantages of hiring lawyers and paralegals.
Define pleadings and list five t