We are pleased to present this Fourth Edition of Fundamentals of Business

Law. It is our intent that it be the most up-to-date coverage of traditional busi-

ness law topics. We recognize that the students who use this text have needs far

different from those of law students. Therefore, the text stresses legal principles

that are essential to the business decision-making process. This coverage of tra-

ditional business law topics uses a transactional approach to the students study

of business law. This approach enables the students to be exposed to the most

current trends in the law from a traditional perspective.

As in the previous editions, this Fourth Edition continues to present its cases

in a briefed form. These decisions are incorporated into the text of each chap-

ter in order to illustrate important legal concepts with real-life examples and to

demonstrate the use of legal reasoning to resolve business problems and dis-

putes. These cases were chosen for inclusion based on their ability to represent

clearly the current general principles as well as trends in the law.

A new development in this Fourth Edition is the addition of previews and

summaries to each chapter. We believe that repetition is one of the keys to the

learning process. In the preview, an overview of the chapter is presented. In

essence, the preview is an outline of the material contained in the chapter.

Next, the text and cases provide an explanation of the legal principles pre-

sented in the chapter. Finally, the summary allows students to review quickly

the essentials of each chapter. We think these integrated pedagogical tools will

enhance student~ learning and retention of the material. We welcome your

comments.