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LAW 525 (12)
Chapter 1

CLAW525 Law of the Marketplace Chapter 1.docx

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Law and Business
LAW 525
Nick Iannazzo

CLAW525 Law of the Marketplace – Week 1 January 16, 2014 1 – Business-Consumer Market Transaction Process: - Law structures & frames the process - 3 Phases of Process: 1. Pre-Transaction phase 2. Actual Transaction Phase 3. Post-Transaction Phase Pre-Transaction Phase: - Products are manufactured - Sales practices - Advertising Campaigns - Inter-Firm sales arrangements Actual Transaction Phase: - Terms, conditions, warranties and guarantees are stipulated - Consumer information is collected 1. Privacy issues, who can see your information online, etc. - Credit arrangements are made Post Transaction Phase: - Redress 1. Remedies for broken products, etc. - Consumer information is used 1. Cross-selling another product, etc. - Consumer information is exchanged with third parties - Loan payments are collected LAW = Common Law + Statute Law: - Common Law: court made law (e.g. contract law; tort law) - Statute Law: government made law 2 – Market Failures & the Law: - Basic framework for market transactions arises from: 1. Contract Law – voluntary obligations between parties 2. Tort Law – Obligations imposed by the common law (i.e. courts) - Society may conclude such a framework is inadequate leading to legislation & regulations Market Failure: - Legislation & regulations created by government to further protect consumers from “Market Failures” - “Market
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