This third edition of The Legal Environment of Business, like its predecessors, is designed to fill the need for quality teaching material for the course on the legal environment of business. The success of the earlier editions indicates that many of our professional colleagues who teach the legal environment of business course share our commitment to quality instruction. Changes and developments in the legal environment of business since publication of the second edition require that the text be brought up to date. Furthermore, from our experience in teaching the legal environment of business course and from the experience that has been so generously shared by those with whom we have communicated, we have learned much of what students and professors desire in a legal environment text.