5.6: Concepts in Business Law
There is so much that is risky in operating a business, shouldn't there be ways to manage the risk? Read the Wikipedia entry on risk management to get an overview of how businesses can manage risk.
Contracts are an integral part of doing business. Managers in all areas of a business should have a basic understanding of what constitutes an enforceable contract. Finally, while business managers would hope not to be in a situation where they had to consider bankruptcy, they should still be aware of the options available to them, from complete liquidation to reorganizing or renegotiating part of their debt.