LAW 525 Lecture Notes - Risk Management, Regulatory Capture, Consumer Protection
3 Mar 2014
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Document Summary
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. 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.
