Chapter 1 Flashcards
What is Business Law?
A set of established rules, protects the business, helps decide on level of risk etc.
What is Law?
A set of rules and principles. Provides protection
How does the law protect members of society?
- Rules with penalties to encourage compliance.
2. Makes those who break the law accountable.
What is considered a Breach of Contract?
Failure to comply w/ a contractual promise, and you can sue for damages
What is the Age of Majority?
In Canada its 18/19 depending on the province, the when one becomes an adult
What is a Contract Law?
Rules that make agreements binding
What is the process of a Litigation?
When 1 person sues another
What is a Mediation?
Reaching a resolution with the assistance of a neutral person
What is an Arbitration?
A neutral party makes a decision (usually binding) to resolve a dispute
What is a Liability?
Legal responsibility for the event or loss that has occured
What is a Legal Risk Management Plan?
Action plan for dealing with legal risks involved in the business
What is Business Ethics?
Moral principles and values that determine the rights and wrongs in the business
