BUS 207 Lecture Notes - Lecture 10: Federal-Question Jurisdiction, In Rem Jurisdiction, Alternative Dispute Resolution
Document Summary
23:19: 5 reasons, order and predictability: a. i. When buyers and sellers get together in a market economy, they are bargaining over price, quantity, and the quality of the goods or services they hope to exchange. Many of the decisions made by these parties are dependent on the assumption that the rules by which they are playing will not be altered: efficiency: b. i. Successful business activity often depends on economic growth. This economic growth or economic efficiency guarantees that there will be more demand for the goods and services that businesses hope to sell. Law can advance the likelihood that efficiency will occur when it encourages competition and certain kinds of investment activities: social justice: c. i. Some of those individuals are better equipped to take care of themselves than are others who are more vulnerable to abuses of power. Many laws are enacted to protect those whose needs exceed their ability to provide for themselves.
