Business Law Notes - DPHU

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Business Law Notes 2012 Certified Management Accountants of Ontario. All rights reserved.

Business Law NotesPage iPART 1: LEGAL FUNDAMENTALS .1SECTION 1-1: INTRODUCTION TO LAW . 1Definition and Purpose of Law. 1Business Law versus Business Ethics . 2SECTION 1-2: SOURCES OF CANADIAN LAW AND THE LEGAL SYSTEM . 2Categories of Law. 2Systems of Law: Civil Law and Common Law . 3Sources of Law: The Constitution, Legislation, and the Courts . 4SECTION 1-3: USING THE COURTS - AN OVERVIEW OF CIVIL PROCEDURE . 9The Court System. 9The Litigation Process . 11Alternative Dispute Resolution . 15Administrative Tribunals . 16STUDY QUESTIONS FOR PART 1: LEGAL FUNDAMENTALS . 17ANSWERS TO STUDY QUESTIONS FOR PART 1: LEGAL FUNDAMENTALS . 19PART 2: THE LAW OF TORTS .20SECTION 2-1: INTRODUCTION TO TORT LAW . 20What is a Tort? . 20Development of Tort Law . 22Main Types of Torts. 23SECTION 2-2: GENERAL PRINCIPLES OF TORT LAW . 23Burden of Proof . 24Liability . 24Defences . 26Limits to Damages in Torts . 26Remedies under Tort Law . 26SECTION 2-3: INTENTIONAL TORTS . 28SECTION 2-4: TORTS FROM BUSINESS OPERATIONS . 30SECTION 2-5: NEGLIGENCE. 32Burden of Proof . 32Defences . 36Product Liability. 37Professional Liability . 38STUDY QUESTIONS FOR PART 2: THE LAW OF TORTS . 40ANSWERS FOR PART 2: THE LAW OF TORTS. 43PART 3: CONTRACT LAW .45SECTION 3-1: ENTERING INTO A CONTRACT—ELEMENTS OF A VALID CONTRACT . 45An Intention to Create Legal Relations . 46Offer . 46Acceptance of an Offer . 49Consideration . 50Certainty of Terms . 52Capacity to Contract. 53Legality of Object . 56 2012 Certified Management Accountants of Ontario. All rights reserved.

Business Law NotesP a g e iiSECTION 3-2: PRIVITY OF CONTRACT AND ASSIGNMENT OF CONTRACTUAL RIGHTS57Privity of Contract . 58Assignment of Rights . 60SECTION 3-3: THE REQUIREMENT OF WRITING . 61The Statute of Frauds . 62Consumer Protection Act . 63Sale of Goods Act. 64SECTION 3-4: INTERPRETING CONTRACTS . 65Interpretation of Express Terms . 65The Parol Evidence Rule. 65Implied Terms . 66SECTION 3-5: CONTRACTUAL DEFECTS . 66Mistake . 67Misrepresentation . 70Unfairness During Bargaining . 72SECTION 3-6: THE DISCHARGE OF CONTRACTS . 73Discharge by Performance. 73Discharge by Agreement . 75Discharge by Frustration . 76Discharge by Operation of Law . 77Breach of Contract. 77SECTION 3-7: BREACH OF CONTRACT. 78Essential and Non-Essential Terms. 78Ways to Breach a Contract . 78Effects of a Breach . 80Exemption Clauses . 81Remedies for Breach of Contract . 82STUDY QUESTIONS FOR PART 3: CONTRACT LAW . 85ANSWERS FOR PART 3: CONTRACT LAW . 89PART 4: BUSINESS ENTITY LAW .91SECTION 4-1: AGENCY RELATIONSHIPS . 91What is Agency? . 91Creation of an Agency Relationship . 91The Scope of an Agent’s Authority . 92When is the Agent Liable? . 93Responsibilities of Agent to Principal . 93Responsibilities of Principal to Agent . 94Termination of Agency Relationship . 94SECTION 4-2: LEGAL FORMS OF BUSINESS . 94Sole Proprietorships . 94General Partnerships . 95Limited Partnerships . 99Limited Liability Partnerships . 99Corporation . 100SECTION 4-3: CORPORATE LAW . 100Nature of a Corporation . 100Methods of Incorporation. 101 2012 Certified Management Accountants of Ontario. All rights reserved.

Business Law NotesP a g e iiiTypes of Corporations. 102Corporate Financing. 103Share Capital. 103Corporate Governance . 104The “Business”: External Relations . 107STUDY QUESTIONS FOR PART 4: BUSINESS ENTITY LAW . 111ANSWERS FOR PART 4: BUSINESS ENTITY LAW . 114PART 5: BUSINESS RELATIONSHIPS . 115SECTION 5-1: SALE OF GOODS . 115Application of the Sale of Goods Act . 115Passing of Property . 116Implied Contractual Obligations of the Seller . 117SECTION 5-2: CONSUMER PROTECTION . 119Principal Areas of Consumer Protection Legislation . 119Regulation of Business Conduct Towards Consumers . 121SECTION 5-3: BANKING . 122Banking Agreement . 122Negotiable Instruments . 123Electronic Banking . 125SECTION 5-4: SECURED TRANSACTIONS AND CREDITORS’ RIGHTS. 125Secured Transactions . 125Creditors' Rights . 127Other Statutory Protection for Creditors. 130SECTION 5-5: EMPLOYMENT LAW . 131Pre-employment . 131During Employment . 132Termination and Post-Employment . 134SECTION 5-6: COMPETITION . 135Conspiracies . 135Monopolizing . 135Mergers . 136SECTION 5-7: ENVIRONMENTAL PROTECTION . 136Federal Legislation . 137Provincial Legislation . 138Corporate Liability. 138SECTION 5-8: INTERNATIONAL BUSINESS LAW . 139Laws to Control or Facilitate Trade . 139International Contracts of Sale . 140STUDY QUESTIONS FOR PART 5: BUSINESS RELATIONSHIPS . 141ANSWERS FOR PART 5: BUSINESS RELATIONSHIPS . 144PART 6: PROPERTY RIGHTS . 146SECTION 6-1: REAL PROPERTY . 146Estates in Land . 146Interests Less than Estates . 148Leases . 149Termination of a Lease . 150Transfer of Interests in Land . 151 2012 Certified Management Accountants of Ontario. All rights reserved.

Business Law NotesP a g e ivMortgages . 151Recording of Interests in Land. 152SECTION 6-2: PERSONAL PROPERTY . 153Acquiring Personal Property Rights . 153Bailment . 153Insurance . 156SECTION 6-3: INTELLECTUAL PROPERTY. 157The Nature of Intellectual Property . 157Copyrights . 158Trademarks . 159Patents .

business entities, business relationships, and property rights—forms the substance of business law and is the main focus of this document. While the predominant concern in a business law course is substantive law, we will first consider the basics of procedural law, the form or organization of the legal system and its methods of conducting .

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