Alongside other recent reforms, the advent of a truly national corporate law framework in 2001 with the cooperation of the states has arguably helped place Australia in an advantageous position with respect to the many opportunities presented by the changed business environment of the new millennium.  It has also been said that business participants who ignore (or are ignorant of) their rights, responsibilities, risks and the law generally do so at their own peril.  With these important issues in mind, this unit aims first to provide post graduate business students with a general knowledge of the legal environment of commerce including an introduction to the law of contract and the law of business organisations generally.  The unit then examines the Australian statutory corporate law framework in some detail, with particular attention paid to the nature and application of the key aspects of corporate law to the business environment in Australia and the risks, responsibilities and regulation of corporate participants.