Summary The Law and Business Administration in Canada

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ISBN-10 0134841298 ISBN-13 9780134841298
796 Flashcards & Notes
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This is the summary of the book "The Law and Business Administration in Canada". The author(s) of the book is/are James Everil Smyth A J Easson D A Soberman Shelley A McGill. The ISBN of the book is 9780134841298 or 0134841298. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

Summary - The Law and Business Administration in Canada

  • 1.1.1 How is Law Defined?

  • What are 3 ways Law protects people, property and society as a whole?
    1. Prohibits bad behaviour
    2. Punishes illegal conduct
    3. Prescribes rules that allow everyday life to go on
  • What are the legal principles that treats all persons equally and even the gov't obeys?
    Rule of Law
  • What is law that regulates gov't conduct and relations?
    Public law
  • What is the law that regulates privater persons and groups of private persons?
    Private law
  • The law influences, empowers and controls which 3 things?
    1. The behaviour of people
    2. The actions of government
    3. The interaction between individuals
  • 1.1.2 How is Law Linked to Morals and Ethics

  • Why must laws be fair?
    So society views them as acceptable and voluntarily complies
  • What is an optional standard of behaviour that people ought to follow but is not mandatory?
    Morals and Ethics
  • 1.1.4 How Does Law Influence Behaviour?

  • What is the responsibility for the consequence of breaking the law?
    Legal liability
  • What is misconduct that is extremely offensive to society as a whole and is a matter of public law?
    Criminal liability
  • What is less offensive public law misconduct that is still necessary to keep public order?
    Regulatory or quasi-criminal liability
  • What is misconduct that is primarily a private matter?
    Civil liability
  • What are 3 forms of liability lawmakers use to influence individual behaviour?
    1. Criminal liability
    2. Regulatory or quasi-criminal liability
    3. Civil liability
  • 1.2.1 The Significance of Law for the Business Environment

  • A country must provide which 3 things for a good business environment?

    1. dependable legal infrastructure with
    2. clearly defined rights and responsibilities
    3.  that are properly enforced
  • 1.2.2 Law and International Business

  • Recommended templates used to harmonize domestic laws that address conflicts
    Model laws
  • Ie: WTO, United Nations
    Super-gov't organization
  • 1.3 Legal Risk Management

  • What is the plan developed by businesses identifying potential legal liabilities and how to mitigate and remediate them ?
    Legal risk management plan
  • 1.3.1 Developing a Legal Risk Management Plan

  • What are the 5 steps in developing a Legal Risk Management Plan?
    1. Identify potential legal risks; perform a legal audit
    2.  Priority each legal risk based on likelihood and magnitude
    3. Develop strategies to address each risk; proactive and reactive   
    4. Implement the plan
    5. Regularly review and update the plan
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Latest added flashcards

Duress
Actual or threatened violence or imprisonment as a means f coercing a party to accept a contract. The contract is voidable at the option of the victim
Unconscionable contracts
Contracts between parties of unequal bargaining power that are unfairly advantageous to the powerful party.  May be voidable at common law
Undue influence
Domination of one party over the mind of another to such a degree as to deprive the weaker party of the ability to make an independent decision
Indemnity or compensation
Money award given as a supplement to rescission for loss sustained in performing a contract
Misrepresentation
A false statement of fact which induces the other party to enter a contract.  May amount to tort when made fraudulently or neglegently
Non est factum
It is not my doing
Mutual mistake
Both parties believe a mistake exists in the contract but their understandings of the mistake are different
Rectification
Correction of a written document to reflect accurately the contract made by the parties
Common mistake
Both parties believe the same misunderstanding or mistake about the contract
Unilateral mistake
Only one party believes there is a mistake in the contract