LAW 525 Chapter Notes - Chapter 1-2: Costco, Regulatory Law, Interjurisdictional Immunity

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

Document Summary

Law structures and frames the process of business-consumer market transaction. Consumers may not understand or be able to negotiate within the market transaction process- we are at a huge disadvantage within the marketplace. The business knows their product, far better than any regular person would. Products are manufactured, sales practices take place, advertising campaigns are implemented and inter-firm sales arrangements are made. Contractual terms, conditions, warranties and guarantees are stipulated, consumer info is collected and credit arrangements are made (maybe you are unable to buy in full-arrangements would be made to suit the needs of the customer. ) Consumer remedies, consumer information is used (customer feedback) consumer info is exchanged with third parties and loan payments are collected. Basic framework for market transactions arises from: contract law - voluntary obligations between parties, tort law - obligations imposed by common law (court made laws) To rely on these may be inadequate.