Management and Organizational Studies 2275A/B Chapter 1: Chapter 1

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Chapter 1: knowledge of law as a business asset. Law in the business environment business law: a set of established rules governing commercial relationships including the enforcement of rights. Rules and principles 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. Nor is the law primarily about rules that constrain commerce: does forbid some activities (false advertising), more significant role is facilitative. Legal rules provide definition and context to doing business. Creation of certainty in business relationships is one of the most important contributions that law can make to the commercial arena. No contract can recite and provide for all contingencies: will be some issues left unstated. Litigation: process involved when one person sues another. It is the business relationship that determines whether strict legal rights will be insisted upon.