ADM 3360 Lecture Notes - Lecture 1: Corporate Law, Personal Information Protection And Electronic Documents Act
17 Oct 2016
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Document Summary
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 enduring compliance with commitments. Little/no understanding of the law failure to maximize opportunities/losing out. Example: business that neglects to protect its intellectual property may have its ideas taken with impunity by a competitor. Legal ignorance may result in the business/owner being subjected to regulatory and judicial sanctions (being fined, forced to pay penalties, or close down) Law: the set of rules and principles guiding conduct in society (by protecting ppl and their property, facilitating personal and commercial interactions, and providing mechanisms for dispute resolution) Protecting persons and their property- most family purpose of the law provide protection.
