Chapter 1 Flashcards
Business law?
a set of established rules governing commercial relationships, including the enforcement of rights.
Trademark?
A word, symbol or design used to distinguish one person’s product or services from another’s.
PIPEDA
Personal Information Protection and Electronic Documents Act.
Imposes national privacy standards
Breach of Contract
failure to comply with a contractual promise
Contract Law
Rules that make agreements binding and therefore facilitate planning and the enforcement of expectations.
Litigation
the process involved when one person sues another.
Mediation
a process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral person – no binding authority
Arbitration
a process through which a neutral party makes a decision (usually binding) that resolves a dispute
Liability
legal responsibility for the event or loss that has occurred
Business Ethics
moral principles and values that seek to determine right and wrong in the business world
Corporation
limited liability and tax benefits *most commonly used
Partnership
joint and several liability between partners
Sole Proprietorship
enjoys all the profits and control but risks personal wealth
Human Rights Law
demands that employers make all employment decisions – from hiring and firing to training and promotion – on a non-discriminatory basis
Human Rights Commissions
possess broad powers to investigate and rectify human rights violations
Equity Financing
selling shares in the corporation – investor gets the shares, and hopefully receives dividends but has no right to go against anyone else/decisions
Debt Financing
borrowing from a lender Ex. a bank
Self-Financing
putting your personal savings into the business – not very smart or safe, can lose everything you own if you go into debt
