[Management and Organizational Studies 2275A/B] - Midterm Exam Guide - Everything you need to know! (48 pages long)

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Cristin Keller

Document Summary

This chapter focuses on knowledge of law as a business asset. Law impacts every aspect of society including the business environment: helps entrepreneurs maximize protection and avoid pitfalls, the law affects most business decisions. Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Considered a democratic process: common law or judge law (case goes before trial, and judge"s decision forms part of the law) Appointed people, whose decisions become part of law. The most familiar purpose of the law is to provide protection. The law protects members of society in two ways: it sets rules with penalties in order to encourage compliance, it seeks to make those who break the law accountable for their misconduct. How does business law protect intangible property such as ideas and inventions: patent protection: is a means for an inventor to claim ownership of an invention. The patent-application process necessarily involves putting the idea for the invention in writing.