Module 1 Flashcards
(20 cards)
Topic
Definition
Business Law
Rules, processes, and strategies that impact businesses, including contracts, employment, negligence, intellectual property, and dispute resolution.
Purpose of Laws
Resolve disputes, Protect consumers, workers, and businesses, Create opportunities for innovation.
Rule vs. Law
Rule: A guideline expected to be followed but not enforceable by courts. Law: A body of rules enforceable by courts or government agencies.
Balancing Act of Law
Ensures predictability and fairness; considers facts and circumstances to determine fair outcomes; limits exist.
Criminal vs. Civil Law
Criminal: Government prosecutes an individual; punishment includes jail. Civil: Disputes between private parties, resolved through compensation.
Statutes vs. Common Law
Statutes: Laws created by government. Common Law: Laws developed through court decisions.
International Rules
Agreements between governments; Canadian businesses must comply with international laws.
Risk Management Process
Steps: Identification, Evaluation, Response.
Risk Management Strategies
Avoidance, Reduction, Shifting, Acceptance.
Risk Management Techniques
Insurance, Exclusion clauses, Incorporation.
Legal Dispute Process
1) Statement of Claim, 2) Statement of Defence, 3) Examination for Discovery, 4) Limitation Period.
Burden of Proof
Civil: Balance of probabilities (more likely than not). Criminal: Beyond a reasonable doubt.
Precedent
Courts follow past decisions to ensure consistency and fairness.
Remedies in Civil Law
Compensatory damages, Punitive damages, Injunctions.
Alternative Dispute Resolution (ADR)
Forms: Negotiation, Mediation (not binding), Arbitration (binding).
Class Action Lawsuits
Multiple plaintiffs join together to sue a common defendant.
The Constitution & Charter of Rights
Establishes division of power between federal and provincial governments; protects rights.
Jurisdiction Conflicts
Some laws are made at both federal and provincial levels; businesses must comply accordingly.
Case Study: Purdue Pharma
Purdue Pharma misrepresented OxyContin risks, leading to lawsuits and public health crises.
