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Law 525 Lecture 1.docx

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Law and Business
LAW 525
Gil Lan

Law 525 Lecture 1 Business-consumer market transactions Pre-transaction phase – in which products are manufactured, sales practices and advertising campaigns are developed and implemented, and inter-firm arrangements are put in place. Everyth ing that happens prior to walking into Timmys and buying a donut and hitting accept. Actual transaction phase – in which terms and conditions and warranties and guarantees are stipulated, sales/purchases are made, consumer information is collected, and credit arrangements are made; and (when you actually purchase something) (have to get you to consent) Post-transaction phase – in which redress is provided, consumer information is used/exchanged with third parties, and loan payments are collected. Service instead of a product Market Failure and the Law A market failure occurs when goods and services are not distributed efficiently. From a consumer perspective, this is problematic when market failures detract from meaningful consumer choice about goods and services: Can occur when one market player or group acts to create a monopoly Can occur when there are negative externalities (environmental effects such as air and water pollution) and information failures occur – that is, where unacknowledged costs of a product or service are involuntarily assumed by consumers E.g., when consumers purchase products unaware of hazards and risks that may result from use or consumption of products (product safety hazards from defective or dangerous products) Can occur where there are information asymmetries or imbalances between businesses and consumers so that real attributes of products are not apparent f
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