We delight in introducing you to the 14th edition of this text with a long, rich tradition. We believe you will find this edition the most attractive, up-to-date, and stimulating version yet. Commitments among the authorship team and throughout McGraw-Hill produced this modern, 21st century book. By examining this edition, you will find the detailed coverage of essential topics that make up the legal and regulatory environment of business. Further examination reveals the themes, additions, and pedagogical devices in this edition.

Themes of the 14th Edition
The fundamental message we wish our readers to grasp is that law is at the core of the private market because it determines who owns what, then protects owners so they can make decisions about what to do with what they own. Law defines property, enforces property right, resolves disputes about where the boundaries of property right lie, and recognizes that compensation is appropriate when one person infringes across the boundary of what is proper to another.

When nations apply property right under the rule of law, which means generally and equally, they establish the maximum condition for creating prosperous, diversified economies. No nation with an adequate property system under the rule of law is poor. No nation without such a legal system is prosperous, except for a few, small, oil-fortunate ones that sell to others with strong property-based economies. It is important that our readers—mostly business students—appreciate the role of law in the economy.

Another important goal of this 14th edition is its accurate depiction of current events in the business world. Each chapter strives to include the most relevant examples and case opinions. Sidebars within each chapter provide students and instructors opportunities to learn about topics that illustrate the principles discussed within the text. Margin comments help the students know key themes and points of emphasis.

New Items in the 14th Edition
As additional evidence of this edition’s up-to-date presentations, Chapter 10 provides an in-depth focus on intellectual property. The continuing impact of and discussion about Sarbanes-Oxley led us to increase the coverage of this Act; this material is in Chapter 14.

Considerable discussion of the new Supreme Court justices allows us to focus on the recent changes in the membership and alignment of the Supreme Court. This edition contains many new Supreme Court decisions announced since the last edition. The relevance of the legal and regulatory environment of business is seen through the actions of administrative agencies, legislative decisions, and opinions of the Court.

The table of contents continues to have 18 chapters; however, these chapters are divided into five new parts. The 14th edition begins with an introduction that includes two chapters—on law as a business foundation and on ethical practices (or lack thereof) within business and management. Part Two covers methods used to resolve disputes. Chapters 3–5 focus on how courts resolve disputes, on the litigation process, and on ADR systems, such as arbitration and mediation. Part Three presents five chapters on the foundations of business. Chapters 6–10 include an overview of constitutional provisions and protections, contracts, torts, criminal law, and intellectual property. For over 40 years, this text has brought to the classroom an emphasis on government regulation of business activities; this topic is the focus of Part Four.  Within this part, Chapters 11–17 discuss business organizations and agency law, administrative agencies, antitrust laws, Sarbanes-Oxley and securities regulations, employment and labor laws, discrimination in employment, and environmental laws. Finally, Part Five presents the topic of globalization.  Chapter 18 discusses the law related to international business transactions.

Authorship Team
One of the strengths of this text is its stable team of authors. In light of this history, the 14th edition involves a major development. Bob Corley changed business law when he introduced the first edition of this text in 1963. Through Bob’s leadership, the teaching of the governments’ regulation of business activities and business organizations gave rise to the Legal and Regulatory Environment of Business course. Over time, this addition to traditional business law caused our academic discipline to become known as Legal Studies. After 43 years of significant contributions to this text and our discipline, Bob leaves his active role on this authorship team. With a profound sense of gratitude, we offer this 14th edition as evidence of our continuing commitment to the high standards he set.

We share our delight in welcoming Marisa Anne Pagnattaro as a new member of this authorship team. Since joining the Terry College, Marisa has proved herself through excellent teaching, outstanding service, and substantial research. Her promotion to Associate Professor with tenure ensures that Marisa will be a coauthor on many future editions.

Acknowledgments
We take this space to thank a number of people who contributed to the 14th edition. Without the typing skills of Mary Evans, this manuscript would not have been so professionally presented, and our deadline may have been missed. Mary has assisted us with several editions. We once again are grateful for her work with our drafts.

We are indebted to Kelly Lowery, our editor. This is Kelly’s first edition working on this text. Her dedication and words of encouragement were unfailing. Kelly deserves our unmitigated appreciation for her many ideas, unending support, and invaluable guidance. We hope she will be our editor through many more editions. Laura Spell is our managing developmental editor. The new, up-to-date design of this edition is due to Laura’s expertise and dedication. Laura worked with each of us during the preparation of the manuscript, and she directed the production through every phrase. Truly, this edition would not have reached the same result without Laura’s guiding hand.  We are grateful! Additionally, we thank Sarah Reed, our marketing manager; Laura Griffin, our senior project manager; and Cara David, our designer. Each of these people helped make this 14th edition possible. 

The following colleagues gave of their time and provided insight during the review process. For their expert comments and suggestions, we are most grateful.

Finally, we thank all of the professors and students who have used or are using our text. Your feedback continues to be important. Please feel free to share your thoughts with us. You many contact any of us through the Terry College of Business at the University of Georgia. Your feedback also may be sent to McGraw-Hill Higher Education.

O. Lee REED
Peter J. SHEDD
Jere W. MOREHEAD
Marisa Anne PAGNATTARO