Fundamental Rules of Ethics and Business Law - 1370 Words

Ethics and Business Law Fundamental rules for interpreting contracts in general, including defense and indemnity, provide that parties have great freedom to assign rights and responsibilities as they see fit, including the right to allocate risk through indemnity and defense provision (Loveman 2010). The parties have the right to impose limitations on the applicability of those provisions. Whether an indemnity or defense applies depends on the initial intent of the parties as expressed in the contract. The contract between Robins and Robins and Casings, Inc. stated in section 14 B.2.a. the remedy for defects in supplies shall be limited to the cost of the parts supplied. With this clearly stated in the contract, Casings, Inc. has the defense of the limitations in the contract. Robins and Robins understood this when the contract was signed and initiated. Regardless of the harm done, Casings, Inc. would only be liable for the costs of the casings to Robins and Robins. Without the contr act stating that Casings, Inc. would be responsible in case of injury, Robins and Robins would be held responsible for the damages. A person can be sued in the State of their residence regardless of where the person is located doing the suing. State courts have jurisdiction over people and things in their own state. Federal courts have the jurisdiction over people and things in the entire country. A non-US citizen can sue a US citizen in the Federal or State court where the party being suedShow MoreRelatedA Study On Malaysian Institute Of Accountants1416 Words   |  6 PagesMalaysian Institute of Accountants By-Laws Background The Malaysian Institute of Accountants website offers viewing of the code of ethics for practicing accountants (2010). As per the website and information therein, The Malaysian Institute of Accountants set up the Ethics Standard Board in June 2009 in order to supplement the Malaysian Government’s push to promote greater integrity and ethics. The vision of the Ethics Standard Board is to adopt high quality professional and ethical standards forRead MoreHow Do Ethics Affect Your Role Managing Customer Service? Essay953 Words   |  4 Pagesis likely to involve some compromise (It is unlikely to be your ‘perfect’ outcome). 24. How do ethics affect your role managing customer service? - Effects of products/services and in relationships with stakeholders. That attention to business ethics is critical during times of fundamental change -- times much like those faced now by businesses, both nonprofit and for-profit. In times of fundamental change, values that were previously taken for granted are now strongly questioned. Many of theseRead MoreFinancial Accounting819 Words   |  4 PagesBTN 1-3 Identify the parties potentially affected by this audit and the fee plan proposed Accounting code of ethics guides those in the profession to behave in a respectful, controlled and moral way. Clients need to have confidence in the business practices of professional accounting firms. A clear ethical code ensures that accountants practice a high standard of business that is exceptional in integrity and professionalism (Maughan, 2011). According to Schreiber (2003), integrityRead MoreBusiness Ethics and Rules Essay1231 Words   |  5 PagesSolomons ethical fundamentals are a good moral foundation for a business. â€Å"Business ethics is the study of what constitutes right and wrong (or good and bad) human conduct in a business context.† (p25) From the lecture, we know that ethics matters because â€Å"how organizations behave have important implications for how they fulfill their social and economic roles† and â€Å"their success as well as the success of their employees, customers, etc.† Thus, running a business ethically is good for business. ApplyingRead MorePersonal Ethics: Development of My Personal Ethical Philosophy1421 Words   |  6 PagesPersonal ethics: Development of my personal ethical philosophy When I was fairly young, I tended to see ethics in black-and-white terms: everything was either wrong or right. When I entered the world of business, however, I began to understand that behaving in an ethical fashion is a continual challenge, given the different obligations one is subjected to on a daily basis. For example, what if my boss, to whom I have an obligation, asks me to perform an unethical action as part of my job? What ifRead MoreBusiness Ethics And Law : Legal And Ethical Issues1213 Words   |  5 PagesLegal and Ethical Issues in Business Business ethics and law are fundamental principles that guide the way businesses operate. Business ethics are decided and formed by each company and differ from one company to another. They are the core values that business owners, managers, and employees use to conduct their daily operations. Acting in an ethical way consists of distinguishing between right and wrong and choosing what is right. Business law is all rules and regulations that all businesses shouldRead MoreState Farm Ethical Principles And Expectations938 Words   |  4 Pages 1 Every business develops a set of ethical principles that they abide by. The business ethical principles intentions: it construct the business certainty in the community , maintain the employees liveried in what the business attempt to have as structural conducts and aid the employees consume principles to make ethical choices that guards the business. In a culture with a diverse assessment structure and augmented judgment visibly by companies with changeable ethics and interests, thereRead MoreMoral Ethics And Values Based Dilemmas871 Words   |  4 PagesMoral ethics and values-based dilemmas are ethical principles that difficult to handle at a workplace when employees have to choose what is wrong and right according to their own ethics. An effective ethics program must complement the values of the organization along with the values in the law. Good ethical behavior for any business is always a fundamental to its success. The main key for business owners and managements is to ensure all employees understand all the ethics. This paper discusses howRead MoreQuestions On Positive Accounting Theory Essay1479 Words   |  6 Pagesmore vigorous framework for addressing revenue issues; (c) Improve comparability of revenue recognition practices through entities, industries, authorities and capital markets. VGI research over Slater and Gordon Identifies that due to changes of some law in UK, Management of the firm decide to review the accounting policy of the firm and decide to use that accounting policy that provide clear picture of the firm revenue so they start to use IFRS 15 for revenue recognition. The new Auditors believe thatRead MoreEthics And Values And Ethics872 Words   |  4 Pages Ethics and values are a part of every human being, but not everyone has the same set. The ethics and values that a person may have usually come from their upbringing, religion, and other circumstances they may go through. To be a successful manager, one must know a few things about ethics and values and be socially responsible. The first thing managers need to know is that employees with higher ethics and values most often believe in a higher authority, such as a supreme deity. If in the case of