Introduction

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5e Describe the steps in conducting labor negotiations (CLO 7)
5f Describe business law concepts that apply to business (CLO 7)

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Contracts are an integral part of doing business. Managers in all areas of a business should understand what constitutes an enforceable contract. While business managers hope to avoid bankruptcy, they should be aware of their options, ranging from complete liquidation to reorganizing or renegotiating debt.

Source: OpenStax, https://openstax.org/books/introduction-business/pages/a-understanding-the-legal-and-tax-environment
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