SOCL 4441 Chapter Notes - Chapter 1: Small Claims Court, Lawn Darts, Externality
Document Summary
Terms and conditions and warranties and guarantees are stipulated. Sales and purchases are made, consumer information is collected, and credit arrangements are made (privacy issues - information online) Redress (ex: remedies for broken products, etc. ) Consumer information is used/exchanged with third parties, and loan payments are collected. Free market: a market economy where buyers and seller are allowed to transact freely (buy, sell, and trade) based on a mutual agreement on price without state intervention (e. g. , taxes, subsidies or regulation) Basic framework for market transactions arises from: contract law: voluntary obligation between parties, tort law: obligations imposed by common law. Society may conclude such framework is inadequate which often lead the governments to turn to legislation and regulations to supplement. Legislation & regulations created by the government to further protect consumers. Market failures occurs when goods and services are not distributed efficiently.
