||Business today operates in an increasingly complex and constantly changing environment in which success depends on the ability to innovate and compete. This unit examines three key legal frameworks - intellectual property, fair trading and competition law - within which innovation and contestability in markets takes place. Intellectual property regulation seeks to promote invention and creativity and to discourage imitation and free riding. Fair trading regulation provides standards of conduct for B2B and B2C transactions. Competition law promotes fair markets by prohibiting practices which damage competition. The unit focuses on franchising as a business model, to provide the context to examine how these regulatory frameworks operate and interact in a commercial environment.