Introduction to Contracts, Sales, Product Liability, and Bankruptcy

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.


Learning Outcomes

After reading this appendix, you should be able to answer these questions:

  1. How does the legal system govern business transactions and settle disputes?
  2. What are the required elements of a valid contract, and what are the key types of business law?
  3. What are the most common taxes paid by businesses?

Source: Rice University,
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