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Business Organisation and Law (BOL)

Here you can find the summaries of Ch. 1, 2, 3, 4, and 5 that I used to pass my exam :)

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Summary Business Organisation & Law, chapter 1

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The law has three functions: - It provides rules to solve conflicts - It has a regulatory function. Rules and regulations on the basis of which society is organized. - What we wish to achieve with law: a society for everybody, protection of the weaker party and a society in which everybody’s in...

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Summary Business Organisation & Law, chapter 2

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Legal personality First thing to decide is whether to opt for a corporate legal form with or without legal personality. With a legal personality it’s called a legal entity. This is an independent legal organ, this means that like a natural person, it can take on obligations. The legal entity can e...

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Summary Business Organisation & Law, chapter 3

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Some relationships can be valued in terms of money. This part of private law is called property law in general. Property law can be divided in 1. Law of obligations (contract and tort) 2. Property law (real property and property rights) The law of obligations concerns all obligations a person (or c...

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Summary Business Organisation & Law, chapter 4

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Definition of a contract of sale Sale: “the agreement under which one of the parties undertakes to deliver a thing and the other party to pay a price in money in return”. As such sale is a reciprocal contract. The seller commits to handing over an object and the buyer commits to paying the price...

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Summary Business Organisation & Law, chapter 5

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The meaning of the term “wrongful (unlawful) act” (tort): states that someone who commits a wrongful act unto another, shall be responsible for the compensation of the resulting damages. A wrongful act can be defined as doing or neglecting to do something which is contrary to either written or u...

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Summary Introduction to management, Chapter 4

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The general environment of organizations consist of all external conditions that set the context for managerial decision making: • Economic conditions - overall health of economy in terms of financial markets, inflation, income levels, and job outlook - Offshoring: outsourcing of jobs to (lowe...

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