Chapter 1 Flashcards

1
Q

What is Business Law?

A

A set of established rules, protects the business, helps decide on level of risk etc.

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2
Q

What is Law?

A

A set of rules and principles. Provides protection

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3
Q

How does the law protect members of society?

A
  1. Rules with penalties to encourage compliance.

2. Makes those who break the law accountable.

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4
Q

What is considered a Breach of Contract?

A

Failure to comply w/ a contractual promise, and you can sue for damages

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5
Q

What is the Age of Majority?

A

In Canada its 18/19 depending on the province, the when one becomes an adult

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6
Q

What is a Contract Law?

A

Rules that make agreements binding

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7
Q

What is the process of a Litigation?

A

When 1 person sues another

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8
Q

What is a Mediation?

A

Reaching a resolution with the assistance of a neutral person

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9
Q

What is an Arbitration?

A

A neutral party makes a decision (usually binding) to resolve a dispute

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10
Q

What is a Liability?

A

Legal responsibility for the event or loss that has occured

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11
Q

What is a Legal Risk Management Plan?

A

Action plan for dealing with legal risks involved in the business

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12
Q

What is Business Ethics?

A

Moral principles and values that determine the rights and wrongs in the business

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