Briefly Describe Three Things the Government Did in Response to the Failure

question 35

Essay

Briefly describe three things the government did in response to the failure of several large financial institutions in 2008.

Gain insight into the implications of legal specialization and the need for multiple lawyers in complex business environments.

Recognize the importance of legal information and the development of non-lawyer access to this information.

Understand the concept of the prisoners' dilemma and its implications in game theory.

Grasp the idea of Nash equilibrium and identify it in different strategic situations.

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Definitions:

Federal Consumer Protection Laws

Legislation enacted by the federal government aimed at ensuring consumer rights are upheld, preventing fraud, deception, and unfair business practices.

Lemon Laws

are state laws in the United States designed to protect consumers from buying or leasing defective vehicles that cannot be repaired satisfactorily.

Right to Cover

The Right to Cover allows a party to make a purchase of goods or services from another source if the original seller breaches the contract, often seeking reimbursement for any cost difference.

Installment Sale

A method of sale that allows the buyer to make payments over a period of time, eventually leading to ownership of the product or property.