ADM 3360 Chapter Notes - Chapter 1: Sole Proprietorship
3 Dec 2016
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Document Summary
Ch. 1 knowledge of the law as a business asset. Spam: unsolicited e-mail advertising a product or service. Breach of contract: failure to comply with a contractual promise: facilitating personal and commercial interactions by providing rules (that establish definitions and contexts) to prevent disputes. 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: providing mechanisms for dispute resolution. Mediation: process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral person. Arbitration: process through which a neutral party makes a decision (usually binding) that resolves a dispute) Liability: legal responsibility for the event or loss that has occurred. Legal risk management plan: a comprehensive action plan for dealing with the legal risks involved in operating a business. Business name (not too similar to existing businesses) Financing consideration (promissory notes [bank], shares [equity] (cid:524)
