MCS 3040 Chapter Notes - Chapter 1: Neutral Party, Corporate Law, Sole Proprietorship
10 Feb 2016
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Chapter 1: knowledge of law as a business asset. Knowledge of the law helps entrepreneurs maximize protection and. Business law: a set of established rules governing commercial. Law impacts every aspect of society, including the business environment avoid pitfalls. The law affects most business decisions relationships, including the enforcement of rights. Law: a set of rules and principles intended to guide conduct in society: primarily by protecting persons and their property, facilitating personal and commercial interactions, and providing mechanisms for dispute resolution. Setting rules with penalties in order to encourage. Seeking to make those who break the law accountable for compliance their misconduct. The law protects members of society in two ways: (1) it sets rules with penalties in order to encourage compliance, (2) it seeks to make those who break the law accountable for their misconduct. Breach of contract: failure to comply with a contractual promise (e. g. supplier failing to deliver a product to manufacturer)
