Summary Business Law - Proactive Law for Managers: A Hidden Source of Competitive Advantage (Siedel & Haapio)
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Course
Business Law
Institution
Universiteit Twente (UT)
Book
Proactive Law for Managers
Elaborate summary of the book Proactive Law for Managers: A Hidden Source of Competitive Advantage. Can be used for the Business Law course of the first year (fourth module, called module 4 HOLI) of the International Business Administration program at the University of Twente. Contains chapters 1 t...
proactive law for managers a hidden source of competitive advantage
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Universiteit Twente (UT)
International Business Administration
Business Law
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Proactive Law for Managers summary
Proactive Law for Managers: A Hidden Source Of Competitive Advantage (e-
book at UTwente library) by Siedel, G. & Haapio, H.
Specific cases Broader concerns
Flight Settle Move business
Fight Litigate Law reform
Substantive law
1. Sales law
2. Contract law
3. Product liability law
4. Environmental law, securities regulation, and anti-corruption law
Sales law = uniform set of rules for contract involving buyers and sellers of goods from
different countries
Product liability law = law about your company’s liability for bodily injury or property
damage caused by your products
Special things in the US
1. Jury trials
2. Punitive damages
3. Legal expenses
4. Contingency fees
5. Discovery
6. Class actions
Legal expenses = winning party must pay most of its own legal costs
Contingency fees = the payment to a lawyer is contingent on the outcome of the case
Discovery = process used by attorneys to locate evidence and witnesses for use of a trial
Class actions = lawsuit on behalf on multiple customers who have a minor inconvenience
themselves
Managers legal plan
1. Be informed
2. Fight or flight
3. Prevent
4. Innovate
Be informed = Understand the Law
Fight or flight = Know how to cope with legal problems and learn from them
Prevent = Develop business strategies and solutions to prevent future problems
Innovate = Climb to the balcony to see the big picture and become more proactive
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