Chapter 1 Flashcards

Business Law as an Asset (12 cards)

1
Q

A set of established rules governing commercial relationships including the enforcement of rights.

A

Business Law

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2
Q

A sign or a combination of signs to distinguish a person’s products or services from those of others

A

Trademark

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3
Q

A set of rules guiding conduct in society.

A

Law

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4
Q

Failure to comply with a contractual promise

A

Breach of Contract

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5
Q

Rules that make agreements binding and, therefore, facilitate the planning and enforcement of expectations

A

Contract Law

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6
Q

The process involved when one person sues another.

A

Litigation

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7
Q

Legal responsibility for the event or loss that has occured.

A

Liability

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8
Q

A process through ehich parties dispute endeavour to reach a resolution with the assistance of a neutral person.

A

Mediation

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9
Q

When a neutral party makes a decision that resolves a dispute

A

Arbitration

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10
Q

Legal risk management plan.

A

A comprehensive action plan for dealing with the legal risks involved with operating a business.

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11
Q

Moral principles and values that serve to determine right and wrong in a business setting.

A

Business ethics

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12
Q
A
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