BUSI 2601 Chapters 1-3 Questions And Answers 100% Correct Verified Answers.

Breach of Contract - correct answer Failure to comply with a contractual promise Age of Majority - correct answer Age a person becomes an adult for legal purposes. differs in Canada 18 or 19 Contract Law - correct answer Rules that make agreements binding and facilitate planning and enformenct of expectiations 5 principles that define the Canadian Legal System - correct answer 1. Constitution and Charter of Rights 2. Respect the Law 3. Legal System is essential in the economic development of a society 4. Capitalistic Society 5. Transparent and needs to bring that transparency Business Ethics - correct answer Moral principles and values that seek to determine right and wrong in the business world Three concepts based on Ethics - correct answer Moral judgement call, rational prospective on the situation, minimum requirements Respect the Law Example - correct answer Conrad Black-best friend has to testify against him or spend 150 years in jail Legal System in Economic Development Example - correct answer Syria: dictatorship and martial law Shell in Nigeria:400 million, didn't fill in requirements and froze Canadian money Capitalistic Society Examples - correct answer property rights, financial capital, individual ownership Transparency Examples - correct answer Debate laws through elected representatives. businesses need to know who they can trust, democracy gives power to the middle class to prevent oppression from the elites Business Ethics Example - correct answer Macroecon opinionated student complains about child labour but wears Nike shoes...doesn't get rid of them when asked. Couple with marriage difficulties. Female having an affair and the man killed their two children and rips their hearts out....said to be unfit for trial and put in institution but restarts medical practice after. Government Policy - correct answer Central ideas/principles that guide government in its work Constitution Law - correct answer supreme law of Canada that constrains and controls of the branches of government exercise power Three Branches in the Canadian Constitution - correct answer Legislative, Executive, and Judicial Legislative Branch - correct answer creates statute law (formal and written) Executive Branch - correct answer has a cabinet and makes regulations Judicial - correct answer judges appointed... Charter of Rights and Freedoms - correct answer Supreme law of the land that defines obligations between the state and individuals. Includes: freedom of conscience and religion, thought, peaceful assembly, and association Rule of Law - correct answer Everybody is equal before and under the law Rule of Law Example - correct answer Applied fairness in disputes in court... A judge decided that a dispute in a hockey game is assault due to her views on Hockey. Democratic Rights - correct answer Citizens are allowed to vote Mobility Rights - correct answer Citizens in Canada has the right to remain, enter and leave Canada as well as move in any province and pursue the gaining of a livelihood Legal Rights - correct answer Right to life,liberty, and security. Right to be secure against unreasonable search. Official Languages - correct answer English and French are the official languages and have equality of status, rights, and privileges to their use in all institution of the parliament and government of Canada Official Languages Example - correct answer Bilingualism (official) State required in 2 languages. Nunavut...Inuqtit language isn't armonize and NWT is Creed... Violation of the Chart - correct answer 1. Section 32- relationship with state and individal 2. Demonstrate a right exists on the charter 3. Has to be a violation 4. Shift from Burden from the Plaintiff to the State 4. Balance of Probability "more likley than less likely" 5. Section 24- ultimate power of the courts Violation of the Charts Examples - correct answer Regulation of Peanut and Peanut Oil: Queen's University student dies bc of allergic reaction Shift from Burden to Plaintiff: Smokers...Tobacco companies forced to have labels. Court Systems in Canada - correct answer Supreme CourtFederal, Provincial,Martial (Military) Supreme Court - correct answer Fundamental Issues (100 cases a year) Provincial (Ontario) - correct answer Superior Court of Justice (family law, divorce, major crimes, criminal offences, smaller civil case, all provincial offences) Federal - correct answer 1. Federal Appeal Court 2. Federal Court Trial 3. Federal Administrative Tribunals 4. Tax Court (HST) Provincial Law Examples - correct answer Superior Court of Justice: Employer promises to pay employee's tuition but claims to not have the money. Superior Court of Justice-Small Claims Court. Under 25000....can't do anything, no obligation to pay after 2 years "someone owes me $20,000" - correct answer 1. Claim...reasons. 2. 20 days to offer a defence 3. Discovery-evidence 4. Trial- litigate your case, allows heresay in small claims... 5. Judgement Legal Risk - correct answer non-foreseeable event that generates legal obligations that brings financial and other constraints onto you Legal Risk Example - correct answer Students recording how they would cheat in a class and someone emailed the prof. A girl allows her old boyfriend to video tape their sexual activities and when they break up, he shows everybody. Legal Risk Management Plan (4 step process) - correct answer 1. Identify the risk 2. Assess the risk...Probability and Severity of the loss 3. Manage the Risk-avoid/transfer/retain it 3. Evaluate the risk...Make a plan. Example: Carleton