Ethics: is The study of right and wrong behavior; whether an action is fair, right or Just.
Business Ethics:Ethical decisions are The application of moral and ethical principles to the marketplace and Workplace.
When people say the "The Moral Minimum", what do they mean?
ANS: Normally considered as mere compliance With the law.
Importance of Ethics in Business Decision Making: Good Ethics can help increase Corporate citizenship, profit maximization
Oral Agreements: enforceable by law but hard to prove in a court; for practical Reasons it is important to put important contracts in writing
Objective Theory of Contracts: party's intention to enter a contract is judged by outward, Objective facts as interpreted by a reasonable person rather than by the Party's own secret, subjective intentions (*contract law looks for objective Viewpoint)
If you sign a document: the assumption is that you have read and understood it.
Offer made in Jest: joking
Three Elements Of An Offer:
1)must have Objective intent
2) be sufficiently Definite
3) be communicated To the offeree
Ethical Decisions:are the application of Moral and ethical principles to the marketplace and workplace
Directors and Officers: owe a complex set of Ethical duties to their stakeholders (internal and external).
Categorized contracts by enforceability.
·valid- one that works
·void- of no effect
·voidable- may be avoided; or to Put in legal terms "voided"
·unenforceable- a problem Concerning an otherwise valid contract, such that courts will not enforce the Contract
Three Examples of unenforceability:
·statute of limitations
·statute of frauds
An Executory contract: is a contract that has not yet been fully performed or fully Executed.
Essential Terms Of A Contract: subject matter, quantity, price, and parties
Offeror: Master of the offer
Can Silence Be Acceptance: general rule- silence is not acceptance
Statute Of Frauds: requirement of written evidence (for some contracts)- doesnt have to Be full agreement, just sufficient evidence that there was a contract
MYLEGS: Statute of frauds requires some evidence for certain forms of contracts:
Anticipatory Breach: if one of the parties states that they cannot perform as agreed, the Other party does not have to sit idly and await the due date of performance Before declaring contract breached--must be definite, not probable, that the Other side is going to breach.
Punitive Damages: damages award meant to punish and make an example of the Defendant's outrageous, malicious, and oppressive conduct ***almost never used In breach of contract cases
Compensatory/Consequential Damages: compensatory-award amount of money The court decides that the plaintiff needs to compensate him/her to make Him/her "whole"
consequential- monetary amount to cover indirect injuries that the plaintiff Suffered, such as lost profits
***most common in breach of contract cases
Bilateral Contracts: two promises, a promise for a promise, both sides make a promise (most business deals, written agreements and typical executory contracts are These)
Unilateral Contracts: one promise, action or forbearance-ex "I won't sue you"- For a promise), only one side makes a promise***reward scenarios are this
Quasi Contract: implied in law, means like a contract but not a real contract
Uniform Commercial Code (UCC): covers a wide range of business transactions, from negotiable Instruments to securities to the lease or sale of goods
Corporation By Estoppel: most state courts would hold that a corporation not yet in Existence when a contract was signed may nevertheless establish its status as a Party to that contract under the doctrine of corporation by estoppel
UCC 2 (ONLY APPLIES TO SALES OF GOODS) PREDOMINANT (SERVICE OR REPAIR PART)
Sales: Ownership passes with one person to another
CISG: convention On contracts for the international sale of goods...Only applies to Business-to-business contracts, only applicable when two businesses are engaged In the sale of goods and each business is from a different country, both Signatories to the CISG