LAW 525 Lecture Notes - Lecture 1: Market Power
24 Oct 2018
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Chain of commercial relationships: manufacturer -> distributor -> retailer -> consumer. Common law and commercial relationships (listen in class): common law impact on commercial relationships, requirements to sue under contract, requirements to sue under tort, limitations of suing under contract or tort. Proper perspective (listen in class): consumer perspective, business perspective, gov. Business consumer market transactions: pre transaction phase: Sales and advertising campaigns are developed and implemented. Inter firm (within firm) arrangements put in place: actual transaction phase: Consumer info collected and credit arrangements (email, number, etc. : post transaction phase: Free market concept (understand this better): a market economy where sellers and buyers are allowed to transact freely based on mutual agreement on price (no state intervention taxes) State intervention: to address actual and perceived market failures, government enacts legislation/laws, requires that products/services meet certain standard (consumer. Risk management: process of identifying, evaluating, and responding to possibility of harmful events, strategies include:
