Chapter 1

Question 1

Law in Business

Answer 1

• Helps enterprises maximize protection and avoid pitfalls
• affects business decisions
• lack of knowledge of the law means lost opportunities

Question 2

business law definition

Answer 2

rules governing commercial relationships including the enforcement of rights

Question 3

How is the knowledge of the law an asset (5)

Answer 3

1. Defines rules of commerce
2. protects ideas and property
3. provide mechanisms that allow people to select their degree of particpation and exposure to risk in business ventures
4. ensure that losses are born by those responsible
5. facilitates planning by ensuring compliance with commitments

Question 4

Trademark

Answer 4

-word/symbol/ design used to distinguish a persons product or services from those of others

Question 5

What is the law

Answer 5

-rules and principles that guide and conduct society

provides protection for example businesses must protect their customers personal info

Question 6

PIPEDA

Answer 6

-Personal information protection and electronic documents act
Personal info- info uniquelly and directly related to one person

Question 7

privacy commissioner

Answer 7

mandated to resolve complaints against businesses, treatment of personal info, they are independant from the government and are accessible to all canadians

Question 8

Two ways the law offers protection

Answer 8

1. sets rules to safe guard interests

2. sets penalties and other consequences for breach of those rules

Question 9

breach of contract

Answer 9

failure to comply with contractual promise

Question 10

Drone rules

Answer 10

limit height/ proximity to people, vehicles, airports with a clearly marked owner name and address

Question 11

Facilitation interactions

Answer 11

Law assists with many personal interactions like marraige, adoption, disposal of property, death etc
** law facilitates commercial activity by providing rules that govern the market place.

Question 12

Contract law

Answer 12

rules that make agreements binding and therefore facilitate the planning and enforcement of expectations

Question 13

Steps to determine if legal system is needed for dispute resolution

Answer 13

1. Are legal proceedings absolutely necessary?
2. Is there a way to resolve the problem form a larger relationship preserving perspective rather than from a strictly legal standpoint

Question 14

types of resolution dispute that aren’t litigation

Answer 14

1. mediation- parties dispute endeavor to reach a resolution with the assistance of a neutral person
2. Arbitration- neutral party makes a decision (usually binding) that resolves the dispute

Question 15

Liability

Answer 15

legal responsibility for the event or loss that has occurred

• canadian legal system determines liability in accordance with certain principles and processes regarded as just
• • aims to be impartial, fair, and free from bias

Question 16

How is the an asset for a business PERSON

Answer 16

• Owners can protect business by ensuring compliance with legal requirements
• Use contracts to plan for the future
• Businesses can use laws to enforce legal rights agianst those who do business and have interactions with the enterprise

Question 17

Legal risk Management plan

Answer 17

comprehensive action plan for dealing with legal risks involved in operating a business

Question 18

business ethics

Answer 18

moral principles and values that seek to determine right and wrong in the business world

• how far should a company go extolling virtues of it’s product? – when does sales talk become deception
• should employee emails and internet be monitored