AFM231 Chapter Notes - Chapter 1: Debt Management Plan
13 Aug 2018
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Document Summary
Business law: a set of established rules governing commercial relationships, including the enforcement of rights. Protects business ideas and more tangible forms of property. Provides mechanisms that permit businesspeople to select their desired degree of participation and exposure to risk in business ventures. Seeks to ensure that losses are borne by those who are responsible for them. Facilitates planning by ensuring compliance with commitments. Law: the set of rules and principles guiding conduct in society. Breach of contract: failure to comply with a contractual promise. Age of majority: the age at which a person becomes an adult for legal purposes. In canada, this ranges from 18 to 19 years of age, d epending on the province. Contract law: rules that make agreements binding, and, therefore, facilitate planning and the enforcement of expectations. Litigation: the process involved when one person sues another.
