This edition is revised with a realization of the forces that have shaped, and continue to mold, our Legal Studies discipline and with a full understanding of the challenges students face when studying this subject. Therefore, we hope that this edition is contemporaryin approach, comprehensive in coverage and clarity inpresentation. Issues associated with globalization, diversity, and the internet, among others,providetremendous challenges to members of the business community today. Moreover, within the legal studies discipline, significant changes have occurred recently in a variety of areas—including the laws of bankruptcy, intellectual property, limited liability business structures, negotiable instruments, to name just a few. Transformation is occurring in business and within the legal studies discipline, and we attempt to capture major developments on both fronts within this edition.