AFM231 Chapter Notes - Chapter 1: Wrongful Dismissal, Neutral Party, Prope
13 Sep 2015
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Document Summary
Chapter 1: knowledge of law as a business asset. Business law: 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. Law: 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. Protects members of society in 2 ways: sets rules with penalties in order to encourage compliance, seeks to make those who break the law accountable for their misconduct. Protects businesses by setting penalties and ensuring accountability. Breach of contract: failure to comply with a contractual promise. Providing rules concerning marriage, adoption, and disposal of property upon owner"s death, etc.
