MCS 3040 Lecture Notes - Lecture 1: Corporate Law, Business Ethics, Small Claims Court
Chapter 1 knowledge of law as a business asset. Law impacts every aspect of society, including the business environment. Knowledge of the law helps entrepreneurs maximize protection and avoid pitfalls. A set of established rules governing commercial relationships, including the enforcement of rights. Provides mechanisms that permit businesspeople to manage their participation in business activities and exposure to risk in business ventures. Provides mechanisms to ensure losses are borne by those who are responsible for them. The most familiar purpose of the law is to provide protection. Those who violate the criminal code of canada such as breaking into another person"s house, assaulting someone, or committing a commercial fraud are subject to criminal sanctions such as fines or imprisonment. The law protects members of society in two ways: First, it sets rules with penalties in order to encourage compliance. Second, it seeks to make those who break the law accountable for their misconduct.