UNIVERSITY OF TORONTO 
RSM225: Legal Environment of Business I 
Comprehensive Revision Guide and Course Notes 2025 
 
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University of Toronto - RSM225: Legal Environment of Business I

C$35.00

ACADEMIC YEAR 2025 - 2026

University	University of Toronto
Program	Rotman Commerce
Course Code	RSM225
Course Name	Legal Environment of Business I
Notes Title	Comprehensive Revision Guide and Course Notes
Page Length	55

Learn the course on your own from day one through your final review before the exam. This guide explains each chapter in clear, simple language so you can grasp key ideas quickly and recall them when it counts. You don’t need prior expertise, just a basic foundation and steady practice. Use these notes as a handy reference while you study and to refresh core concepts. The focus is on clarity and step-by-step explanations that make legal ideas easier to apply, helping you study efficiently and aim for stronger results in the final exam.

This course, RSM225 introduces students to essential concepts in Canadian business law. The course begins by exploring the role of law in society, the sources of law (common law and statutes), and the structure of the court system and legal proceedings. Students will also study different business entities, including sole proprietorships, partnerships, limited partnerships, LLPs, and corporations, with a focus on corporate governance and legal relationships.

Main topics in tort law include negligence, intentional and unintentional interference, and liability issues related to manufacturers and professionals. The course also covers contract law, examining the formation and elements of contracts such as offer, acceptance, legal capacity, and consideration. Issues like mistake, misrepresentation, undue influence, and breach of contract are explored alongside remedies and relevant provisions from the Sales of Goods Act, focusing on implied conditions and warranties.

The course provides students with the knowledge needed to understand legal principles and how they apply to business operations. It emphasizes the practical application of law to real-world scenarios, preparing students to navigate legal challenges in business settings effectively.

COURSE CODE	COURSE NAME
ACT240	Mathematics of Investment & Credit
ECO101	Principles of Microeconomics
ECO102	Principles of Macroeconomics
ECO206	Microeconomic Theory
ECO220	Introduction to Data Analysis & Applied Econometrics
ECO227	Foundations of Econometrics
ECO372	Data Analysis & Applied Econometrics in Practice
ECO374	Forecasting and Time Series Econometrics
ECO375	Applied Econometrics I
EEB225	Biostatistics for Biological Sciences
MGM390	Business Law
PSY201	Statistics I
RSM219	Introduction to Financial Accounting
RSM220	Intermediate Financial Accounting I
RSM221	Intermediate Financial Accounting II
RSM222	Management Accounting I
RSM225	Legal Environment of Business I
RSM230	Financial Markets
RSM250	Principles of Marketing
RSM260	Organizational Behaviour
RSM332	Capital Market Theory
RSM333	Corporate Finance
RSM336	Investments
RSM433	Advanced Corporate Finance
RSM435	Futures and Options Markets
SOC202	Introduction to Quantitative Methods in Sociology
STA220	The Practice of Statistics I

University of Toronto - RSM225: Legal Environment of Business I

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