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ACTG 2P40 Chap 1-3
ACTG 2P40
| Question | Answer |
|---|---|
| What is the legal risk management plan? | -identify potential legal risks -assess and prioritize each legal risk based on likelihood and magnitude -develop a strategy to address each risk from both proactive and reactive perspectives -implement the plan -regularly review and update the plan |
| What are the legal risk management strategies? | -avoid the risk -reduce the risk -transfer the risk -absorb the risk |
| Who makes law? | -the canadian constitution -statues or legislation -court decisions |
| What do judges do? | -determine the validity of legislation -interpret legislation -protect human rights -develop case law applied to resolve disputes without court intervention -determine disputes between private parties before the court |
| What can substantive law be divided into? | public and private law |
| What is the relationship between law and business ethics? | business ethics are standards of behavior that businesses should uphold, whereas business law is a body of laws that businesses must follow |
| How do businesses manage legal risks? | legal risk management plan |
| Who uses the civil code? | the private law of Quebec is governed by the civil code -the law is codified |
| Who uses the common law? | used in english speaking canada, (ontario) -based on recorded decisions of judges |
| Common law: the theory of precedent | -under common law, judges are bound by previous decisions of higher courts -in civil systems, less emphasis is placed on precedent -cases may be distinguished by differences in material facts -decisions may be overruled by the supreme court |
| What does the use of precedent create tension between? | -accommodating changes in society's values -certainty, consistency, and predictability |
| Who has power to regulate? | federal, provincial, and municipal governments |
| How are specific business sectors regulated? | Businesses operating in Canada expected to follow federal rules in the Canadian Environmental Protection Act, Transportation of Dangerous Goods Act, Migratory Birds Convention Act, Nuclear Safety and Control Act and Canadian Environmental Assessment Act |
| What is the effect of consumer protection law? | Among other things, this act prohibits companies from making false or misleading claims about their products or services, charging excessive fees for services such as cancellation or repair, using unfair methods of marketing, and more |
| How does competition law affect business arrangements? | encourages firms to innovate and invest in new products and processes to gain a competitive edge on their rivals; and. Keep markets productive: healthy competition squeezes out lower-productivity firms and allows higher-productivity firms to thrive |
| What are the main elements of environmental protection law? | The two basic factors that come under environmental law is conservation and management. This is a common law that includes conventions, treaties, regulations and statutes to preserve and protect the environment |
| What types of governments regulate businesses? | federal, provincial, and municipal governments |
| How is the federal power over trade and commerce been interpreted? | trade and commerce across borders or where the national interest is involved in a way that is different from the provincial concern |
| What must legislation and by-laws must not infringe? | charter of rights and freedoms |
| When will an infringement be justified? | if the law's objective addresses a pressing and substantial concern, and the provisions are proportional to the objective(the impact of law on those subject to it is as a small as possible given the objective) |
| What is competition law? | federal legislation to control anti-competitive behavior |
| What provisions does the competition law deal with? | -monopolizing -mergers -many others |
| What are criminal conspiracies under the competition act? | -fix, maintain, increase or control the price of a product -allocate sales, territories, customers or markets for the production or supply of the product -fix, maintain, control, prevent, lessens, or eliminate the production supply of the product |
| What are common examples of monopolizing? | -discriminatory pricing -predatory pricing -exclusive pricing |
| What is discriminatory pricing? | seller knowingly discriminates between purchasers as to price of same quantity of like goods bought at the same time |
| What is predatory pricing? | selling at unreasonably low prices with the effect of reducing competition |
| What is exclusive dealing? | condition that buyer deals only or primarily in supplier's products |
| Competition act allows tribunal to: | -prevent mergers -make other orders |
| What are the classes of consumer protection legislation? | -regulation of misleading information -regulation of quality standards affecting things such as labelling, safety, and performance -supervision of businesses that deal with the public through licensing, bonding, and inspection |
| What is misleading advertising regulated by? | -food and drugs act -competition act |
| What does misleading advertising place prohibitions on? | -bait and switch advertising -misleading advertising -unsubstantiated performance claims -misleading savings claims |
| What does the regulation of labelling, product safety, and performance standards legislation include? | -consumer packaging and labelling act -textile labelling act -hazardous products act -food and drugs act -motor vehicle safety act -sales of goods act |
| What is the most important federal legislation? | -canadian environmental protection act |
| What is avoiding the risk? | discontinue the activity or find another way to achieve the result |
| What is reducing the risk? | decrease the likelihood of the risk or minimize its damage |
| What is transfering the risk? | transfer the risk to an insurance company or to the customer through contracts with exemption clause |
| What is absorbing the risk? | budget for the expenses with remote risks or small valued risks |
| What is the difference between procedural and substantive law? | Substantive law is the law that creates the right being claimed, or the law under which charges are brought. Procedural law sets out when, where and how the claims are made and the how the case is handled before the court |
| How does the theory of precedent balance the needs of certainty and flexibility? | Judicial precedentpromotes certainty and predictability in the law which allows lawyer to give properadvice to their client and citizens are informed of their rights and responsibilities. In thepast, the sole function of the court was to |
| What are court costs and who pays? | -court costs are the costs of handling a case , not the costs of running the court system -each side is responsible for their own legal costs |
| What are alternative methods for resolving disputes? | -negotiation -mediation -arbitration |
| What is substantive law? | rules that govern rights and obligations |
| What is procedural law? | rules that determine the enforcement of rights and obligations |
| What is public law? | regulates the relationship between government and private citizens |
| What is private law? | regulates the relationship between private persons |
| What is the literal approach when interpreting legislation? | -words given usual or dictionary meaning -potentially difficult because words may be ambiguous or poorly drafted |
| What is the liberal approach when interpreting legislation? | views legislation in context |
| What does the term costs not refer to in the court system? | doesn't refer to the costs of running the court system, most of that is born by the taxpayers |
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