Management and Organizational Studies 2275A/B Chapter Notes - Chapter 1: Business Ethics, Neutral Party

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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, primarily by protecting persons and their property, facilitating personal and commercial interactions, and providing mechanisms for dispute resolution. Probably the most familiar purpose of law is to provide protection. Businesses are legally required to adequately protect their customer"s personal information due to the regime established by the pipeda (personal information protection and electronics document act). They are also required by law to treat humanely any animals in its care. The law protects members of society in two ways:

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