Canadian Business Law Midterm 1, Ready Elaborated Questions and Answers 100% Correct

Canadian Business Law Midterm 1, Ready Elaborated Questions and Answers 100% Correct Laws - CORRECT ANSWER-the rules of conduct that protect the rights of individuals and businesses PIPEDA (Personal Information Protection and Electronic Documents Act) - CORRECT ANSWER-Applies to the collection, use, or disclosure of personal information in the course of a commercial activity Protects the information of the public and provides guidelines for businesses surrounding their legal and ethical responsibilities to the individuals they interact with, such as employees and clients Privacy Plan - CORRECT ANSWER-a list of rules of conduct for employees relating to the creation, usage, control, and maintenance of information Business Law - CORRECT ANSWER-all the laws that are created in order to form and run a business Rules, regulations, processes, and procedures that a person needs to know in order to be successful in their field of business Important to know about the law and the different areas of the law in order to minimize the risks that can occur Risk Management - CORRECT ANSWER-a positive business management practice that realizes and assesses the risks associated with the activities of the business Ethics - CORRECT ANSWER-the rules of behavior based on ideas about what is morally good and bad Business Ethics - CORRECT ANSWER-the way a business behaves; moral decisions made by the stakeholders of a business Stakeholders - CORRECT ANSWER-people and groups that are directly and indirectly involved in the business such as employees, shareholders, suppliers, and charitable organizations Public Law - CORRECT ANSWER-sets the rules for the relationship between the person(s)/organization and society Private Law - CORRECT ANSWER-sets the rules of engagement between individuals; also called civil law Criminal Law - CORRECT ANSWER-the area of law where a defendant is charged with a crime and the Crown prosecutor brings the defendant to trial Constitutional Law - CORRECT ANSWER-involves issues between our Charter of Rights and Freedoms or the Constitution Act and individuals or organizations Limits the exercise of governmental power over individuals through the protection of human rights and fundamental freedoms Administrative Law - CORRECT ANSWER-a group of laws and regulations within an industry - municipally, provincially, federally, and internationally Tax Law - CORRECT ANSWER-when an individual or organization has an issue with their federal income tax and, in particular, a decision of the CRA (Canada Revenue Agency), it can be decided before the tax court Statute Law - CORRECT ANSWER-a set of codes, rules, and regulations that are created by the government or an administrative body, i.e., the 'rule book' applicable in a particular situation