This third edition of The Legal Environment of Business extends the basic philosophy ans approach of the former editions, refined by a decade of experience. During the sixties the merits of a “traditional” course in business law versus an “environmental” one were widely discussed and debated. There was much disagreement even about how these courses basically differ, and, indeed, no unamity of viewpoint on that issue exists today. Our previous editions have reflected our position on the matter: that essentially a traditional course emphasizes private law, an environmental course public law and the regulation of business. In addition, we fell that macro law (the nature, formation, and application of law in general) should be stressed in the environmental approach, as contrasted with the traditional preoccupation with micro law (the detailed substantive rules in areas such as contracts, agency, and business organizations). At the same time, we believe that private law should not be ignored and that studentsshould be given at least an overview of its major areas. This edition continues to reflect these views.