Chapter 1 - Intro

Question 1

Definition of Laws

Answer 1

rules of conduct that protect the rights of individuals and businesses

Question 2

Definition of business law

Answer 2

all the laws that are created in order to form and run a business

Question 3

Definition of Risk Management

Answer 3

a positive business management practice that realizes and assesses the risks associated with the activities of the business

Question 4

Definition of Business Ethics

Answer 4

the way a business behaves and the moral decisions made by the stakeholders of the business

Question 5

What is Public Law?

Answer 5

public is the set of rules that dictates what a business/individual can and cannot do, the governing body making those decisions and the process followed when there is a dispute

Question 6

What is Private Law?

Answer 6

Also called civil or tort law; it is the rules of engagement between individuals, usually involving a dispute, harm done, or breach of agreement where the plaintiff is seeking compensation

Question 7

What is Criminal Law?

Answer 7

a sect of public law; the area of law where a defendant is charged with a crime and the Crown prosecutor brings them to trial

Question 8

What is Constitutional Law?

Answer 8

Public Law; involves issues between our Charter of Rights & Freedoms/Constitutional Act and individuals/organizations

Question 9

What is Administrative Law?

Answer 9

Public Law; a group of laws and regulations within an industry. Can be governed municipally, provincially, federally, or internationally

Question 10

What is Tax Law?

Answer 10

Public Law; settles issues between and individual/organization and income taxes, usually imposed by the CRA

Question 11

What are the two sources of law?

Answer 11

Case law: based on decisions from prior cases that are not criminal law

Statute Law: codes/rules/regulations created by government or administrative bodies

Question 12

What are the three branches of the Canadian Court System?

Answer 12

Judiciary: resolves disputes
Legislative: Parliament; has the power to make/alter laws
Executive: prime ministers/ministers, agencies/boards etc.; responsible for enforcing laws

Question 13

What is Alternative Dispute Resolution (ADR)?

Answer 13

different way to solve a dispute that does not involve the formality of court/litigation; saves time, money, etc.