Unit 1 - Chapter 1 Flashcards
_____ Law is a set of established rules governing commercial relationships, including the enforcement of rights
Business
-> defines general rules of commerce
In the ________ Act, businesses are required to adequately protect their customers’ personal information or be subject to fine of up to $100,000
Personal Information Protection and Electronic Documents Act (PIPEDA)
______ Law also assists with many personal interactions, such as providing rules concerning marriage or the disposal of property upon the owner’s death
Business
____ Law involves rules that make agreements binding and facilitate planning and enforcement of expectations
Contract
Failure to comply with a contractual promise is known as _____ of contract
breach
The process involved when one sues another using the formal court system = ______
litigation
Alternatives to litigation include N_____, A_____ and M____
Negotiation
Arbitration
Mediation
Solutions to a legal dispute exist at various levels of formality. The first logical step is for parties to try to _____ a resolution between themselves
Negotiate
–> if necessary, a formalized settlement agreement can be created
_____ is the process through which parties try to reach a resolution with the assistance of a neutral person (the mediator)
Mediation
____ is the process through which a neutral person (or panel) makes a decision
Arbitration
–>usually binding
_____ ethics are moral principles and values that seek to determine right and wrong in the business world
business
A ____ ____ management plan is a comprehensive action plan for dealing with the legal risks involved in operating a business
legal risk
