MGM102H5 Lecture Notes - Lecture 7: Product Liability, Public Utility, Commercial Paper
Document Summary
Chapter7- working within the legal environment of business. Criminal law- defines crimes, establishes punishments, and regulates the investigation and prosecution of people accused of committing crimes. Civil law- legal proceedings that do not involve criminal acts: business community has not been perceived as implementing acceptable practices quickly enough so governments have expanded their control and enforcement procedures. Business law- rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action. Statutory and common law: statutory law- federal and provincial legislative enactments, treaties of the federal government and bylaws/ordinances (written laws) Precedent- decisions judges have made in earlier cases that guide handling new cases. Evolves through decisions made in trial courts, appellate courts, and special courts. Lower courts (trial courts) must abide by the precedents set by higher courts (appeal courts) such as the supreme court of canada: english common law vs. french civil law (quebec)
