LAW 525 Lecture Notes - Lecture 8: Sears Canada, Fair Labor Association, Canadian Tire

• School: Ryerson University
• Department: Law and Business
• Course: LAW 525
• Professor: Nick Iannazzo

Document Summary

Focuses on how the business-consumer market transaction process is structured and framed by the law. Government often turn to legislation and regulation to supplement contract + tort law to protect the interests of consumers against market failures that can impede consumer welfare. Market failure: occurs when goods and services are not distributed efficiently. Market failure can occur when one player blocks another from selling or offering their products or services. Monopolistic behaviour causing government to get involved and make legislations that are in the competition act. Negative externalities and information failures: occur when consumers unknowingly purchase products that may be of a hazard or risk that may result from the use or consumption of those products. Types of business-consumer oriented legislation ** p. 1-2. Transaction costs: expenses incurred when consumers are attempting to protect themselves (small claims courts, arbitration, class actions, ombudsman etc); cost that consumers may have in trying to protect themselves and inform themselves.