Canadian Business Law, 4th Edition PDF

CANADIAN BUSINESS LAW, 4TH EDITION 1 NOTICE Copyright Disclaimer This PowerPoint presentation is copyright protected. Individuals who h...

CANADIAN BUSINESS LAW, 4TH EDITION 1 NOTICE Copyright Disclaimer This PowerPoint presentation is copyright protected. Individuals who have adopted the related Emond Publishing textbook for their course are granted permission to use this presentation for instructional purposes only. Slides may not be distributed under any kind of Open Access style license, or website, or be duplicated, copied, sold, or otherwise exploited for any commercial purpose without Emond Publishing’s express written consent. Thank you. Copyright © 2023 Emond Montgomery Publications. All rights reserved. Canadian Business Law, 4th Edition Edited by Tamra Alexander CHAPTER 1 Foundations of Business Law in Canada Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 4 Learning Outcomes After reading this chapter, you should be able to: Describe how law relates to business and its significance to business decision-making. Describe the process for developing a legal risk management plan and explain its importance. Explain the concept of legal precedent in Canada’s common law system. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 5 Learning Outcomes (cont’d) Explain the function of the three branches of government and identify the source of law that is derived from each. Explain the significance of Canada’s Constitution for the government’s law-making powers. Describe how the federal, provincial, and municipal governments regulate business activity. Explain the significance of the Canadian Charter of Rights and Freedoms to business activity. Classify law as either substantive or procedural. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 6 Learning Outcomes (cont’d) Classify law as either substantive or procedural. Differentiate public law from private law and identify legal terminology associated with each. Explain how administrative law affects business. Discuss the difference between business law and business ethics. Describe the benefits of studying business law. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 7 Business and the Law Managing Legal Risk Identify the legal risks. Evaluate the legal risks. Manage the legal risk by devising and implementing a legal risk strategy: Four strategies: 1) risk avoidance, 2) risk transference, 3) risk reduction, and 4) risk retention). Review and revise your legal risk strategy. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 8 Business and the Law Table 1.1: Evaluating the Severity and Probability of Legal Risk Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 9 The Canadian Legal System: A Framework for an Orderly Society Canada’s Two Legal Systems: The civil law system A system of codified law. The common law system System of law that recognizes court decisions with the same force of law as statutes. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 10 The Canadian Constitution and Other Sources of Law in Canada The Constitution Act, 1867 (formerly the BNA Act). The Three Branches of Government: Legislative Branch Executive Branch Judicial Branch Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 11 The Canadian Constitution and Other Sources of Law in Canada (cont’d) Table 1.3: A Sampling of Statutes That Affect Business Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 12 The Canadian Constitution and Other Sources of Law in Canada (cont’d) Constitution Act, 1982 (includes the Canadian Charter of Rights and Freedoms). Canadian courts are empowered to strike down any law that violates the Charter. Charter protects rights and freedoms from government interference. Rights and freedoms are guaranteed by the Charter but are not without limits. See Section 1. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 13 Categories of Law Substantive Law Versus Procedural Law Substantive Law Sets out the rights and obligations of individuals. Procedural Law Rules establishing how substantive law will be enforced. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 14 Categories of Law (cont’d) Public Law Versus Private Law Public Law Rules governing the relationship between individuals and government at all levels. Private Law Relates to the legal relationships between persons, including corporations. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 15 Categories of Law (cont’d) Table 1.5: Examples of Laws Categorized as Public or Private Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 16 Legal Aspects of Business Activity Law aims to create stable environments in which members of society can plan their affairs with some certainty and predictability. Key areas of law are common to all types of businesses, regardless of industry. Knowledge of business law forms basis upon which to assess legal risk and, in turn, develop important skills for avoiding legal risk. Copyright © 2023 Emond Montgomery Publications. All rights reserved.  CANADIAN BUSINESS LAW, 4TH EDITION 17 Business Law and Business Ethics Legal principles and ethical values often intersect, but they are not the same thing. Business ethics: the values and moral principles that help to identify right and wrong in a business context. Legal standards may be minimum requirements. People in business should understand both legal and ethical risks in business decision-making. Copyright © 2023 Emond Montgomery Publications. All rights reserved.