Management and Organizational Studies 2275A/B Study Guide - Midterm Guide: Novation, Punitive Damages, Plain Meaning Rule

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

Document Summary

Chapter 1: knowledge of law as a business asset. Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Law: the set of rules and principles guiding conduct in society. Businesses are legally required to adequately protect their customers" personal information due to the regime established by canada"s personal information protection and electronic documents act. Breach of contract: failure to comply with a contractual promise. Law provides rules concerning marriage, adoption, death, etc. Law also facilitates commercial activity by providing rules governing the marketplace law of contract allows parties to enter into binding agreements. Contract law rules that make agreements binding and, therefore, facilitate planning and the enforcement of expectations. Litigation the process involved in suing someone. First logical step to a dispute is for the parties to try to come to a resolution between themselves and produce a formalized settlement agreement.