ESSENTIALS OF BUSINESS LAW

Tenth Edition

Anthony L. Liuzzo, J.D., Ph.D. Wilkes University

Mesa, Arizona

Ruth C. Hughes, J.D. Wilkes University Wilkes-Barre, Pennsylvania

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ESSENTIALS OF BUSINESS LAW, TENTH EDITION

Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2019 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2016, 2013, and 2010. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 LWI 21 20 19 18

ISBN 978-1-259-91713-4 MHID 1-259-91713-4

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Compositor: Aptara?, Inc. All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

Library of Congress Cataloging-in-Publication Data Names: Liuzzo, Anthony., author. | Hughes, Ruth C., author. Title: Essentials of business law / Anthony L. Liuzzo, J.D., Ph.D.; Ruth ?Hughes, Wilkes University, Mesa, Arizona. Description: Tenth edition. | New York, NY : McGraw-Hill Education, [2019] | ?Includes bibliographical references and index. Identifiers: LCCN 2017041527| ISBN 9781259917134 (alk. paper) | ISBN ?1259917134 (alk. paper)

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Subjects: LCSH: Commercial law—United States. | LCGFT: Textbooks. Classification: LCC KF889.85 .L58 2018 | DDC 346.7307—dc23 LC record available at https://lccn.loc.gov/2017041527

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.

mheducation.com/highered

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https://lccn.loc.gov/2017041527
http://mheducation.com/highered
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Dedication To our faculty colleagues at Wilkes University who, for so many years,

have provided us with support, encouragement and friendship

“A quality education has the power to transform societies in a single

generation: provide children with the protection they need from the hazards

of poverty, labor exploitation and disease; and give them the

knowledge, skills, and confidence to reach their full potential.”

Audrey Hepburn, actress and humanitarian

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ABOUT OUR

AUTHORS

Courtesy of Anthony L. Liuzzo. Photo by Lisa Reynolds/Wilkes University

Anthony L. Liuzzo, J.D., MBA, Ph.D. Dr. Anthony L. Liuzzo is Professor Emeritus at Wilkes University where, until recently, he served as Professor of Business and Economics and Chairperson of the Business Programs of Arizona.

Dr. Liuzzo is a licensed attorney and economist. He earned his Ph.D. in business administration, Master of Philosophy in economics, and MBA in management and organizational behavior from New York University; his law degree from St. John’s University; and his bachelor’s degree in marketing from Fordham University in New York City.

Specializing in public policy issues, employment law, and holiday retail sales forecasting, he has been cited on numerous occasions in hundreds of publications— including CNN, Fox News, Forbes, The New York Times, USA Today, the Arizona Republic, the New York Daily News, the Philadelphia Daily News, the Chicago Tribune, the Washington Times, the Cincinnati Enquirer, the Pittsburgh Post-Gazette, the Detroit News, the Christian Science Monitor, and the San Francisco Examiner—for his views on legal and business issues.

Courtesy of Ruth Hughes

Dr. Liuzzo has been the author of several editions of the popular textbook, Essentials of Busines