BUS3OO BUSINESS LAW Student Name ID it Date Matching Match the correct letter of each term in the space provided before each sentence. A Business law B Law C Breach of contract D Contract law E Litigation F Mediation G Arbitration H Liability I Spam J Business Ethics 1 _Legal responsibility for a loss. 2. Failure to comply with a contractual promise. 3. :Parties try to settle a dispute with the help of a neutral party. 4. _Unsolicited e- -mail advertising a product or service. 5. _A set of rules and principles that guide our conduct. 6. _Moral principles and values that seek to determine right and wrong in the business world. 7. The process whereby a neutral third party makes a binding decision to settle a d 1spute. 8. _Rules that govern commercial relationships. 9. _Rules that make agreements binding. 10. The process involved when one person sues another. Questions Write a short answer for each question in the space provided. This is to assist you in understanding the chapter. 1. Outline ve purposes of business law. 2. How can knowledge of business law assist owners and managers in reaching their business goals? 3. How can lack of knowledge of business law harm a business? 4. What is the broad denition of the law? 5. How does law protect business interests? 6. How does the law provide protection to members of society? 7. How does contract law facilitate commercial interactions? 8. How does the law facilitate commercial relations? 9. What is the function of business law? 10. Who is obligated to prove the case when a breach of contract claim is made? What is the role of the judge with respect to this obligation