business law Collin College -Business Law correctly answered

business law Collin College -Business Law correctly answeredBusiness Law - correct answer A set of established rules governing commercial relationships, including the enforcement of rights Law - correct answer The set of rules and principles guiding conduct in society Breach of Contract - correct answer Failure to comply with a contractual promise Age of majority - correct answer The age at which a person becomes an adult for legal purposes. Contract Law - correct answer Rules that make agreements binding and, therefore, facilitate planning and the enforcement of expectations Litigation - correct answer The process involved when one person sues another Mediation - correct answer A process through which the parties to a dispute endeavour to reach a resolution with the assistance of a neutral person Arbitration - correct answer A process through which a neutral party makes a decision (usually binding) that resolves a dispute Liability - correct answer Legal responsibility for the even or loss that has occurred Legal risk management plan - correct answer A comprehensive action plan for dealing with the legal risks involved in operating a business Business ethics - correct answer Moral principles and values that seek to determine right anHod wrong in the business world