ADM3123 Chapter Notes - Chapter chapter 1: Neutral Party, Business Ethics, Personal Information Protection And Electronic Documents Act
21 Apr 2017
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The law protects members of society in 2 ways: 1) it sets rules with penalties in order to encourage compliance, 2) it seeks to hold those who break the law accountable for their misconduct. Breach of contract: failure to comply with a contractual promise: e. g. , a supplier failing to deliver the product. Contract law: provides a way for parties to enter into binding agreements, thereby creating a measure of security and certainty in their business operations, allows for business enterprises to plan for the future and to enforce their expectations. Law functions to prevent disputes and to facilitate relationships. Litigation: the process involved in suing someone. Business relationships determines whether legal rights would be insisted upon. Maintaining a good business relationship with the party in breach or at least minimizing the financial costs of the dispute is often much more important than proving yourself to be right in a court of law.
