The external political, social and legal environment of the firm and its managers. Legal and regulatory matters, United States and multinational, will be considered, including restrictive trade practices laws and regulations, acquisitions and mergers, licensing, franchising, officers? and directors? responsibilities and liabilities, manufacturers? responsibilities and liabilities, securities regulation, environmental protection, intellectual property, labor unions, trade associations, employee rights and duties, the attorney-client relationship; values in a business society; social implications of business policies, and corporate social responsibility. The effects of laws upon day-to-day business administration. Contracts, sales, commercial paper, the Uniform Commercial Code, credit transactions, bankruptcy, insurance, agency, partnership, incorporation and corporate governance. Prerequisite: sophomore standing.