Agreement is created between at least two parties on reciprocal demands and performances for example to pay money at certain time and to provide services of certain kind. Consideration should be substantial and factual and possible. No imaginary consideration is allowed in contract act. And without any consideration a contract is completely null and void with no legal implementations. While creating or forming the contract or an agreement free will of parties is a pre requisite. Any duress, threats and coercion measures would definitely make a contract invalid and illegal.
A contract formed by using cheating, concealment of facts or under the fraudulent act carries no legal validity. Hence such contracts are unable to provide any remedy to the effected to initiate civil as well as criminal proceedings against the liable elements or parties. Remedies are available in the form of court proceedings to the agreed parties.
Where the court looks into the matter and circumstances, and then decides the liability. Generally the aggrieved parties are compensated to recover the losses. The court passes the decree in the favour of plaintiff and orders the respondent to pay damages.
- kids essays on world peace.
- food technology coursework gcse.
- john keats belle dame sans merci essay.
- kinds of essay and description?
- Business And Community: An Elaborate Essay Example!
The verdict is binding on the parties. Business law is alternative term for corporate law. Corporate law discusses and defines the responsibilities and liabilities of all the stakeholders for example owners, employees, investors, creditors, debtors and customers. Actually it covers the rights and duties of every stakeholder for the development smooth run of business. Any stakeholder when feels that his rights have been violated him is entitled to seek remedies at the proper forum.
Through protecting the rights of all stakeholders this law creates a balance and sense of responsibility among all the stakeholders in a business or an organization.
This act is formed to resolve the dispute and issues among different business units and entities. Other than the personal disputes, the company or industry disputes are solve following the procedure given in this law. The conflict of interest and disputes of assets of industry and trademark and goodwill issues among the companies and corporation are solved by different provisions of the corporate law in order to remove the unrest and dissatisfaction among the business and industrial entities judiciously.
This deters the organization, firm, corporation and companies from laying a hand on the properties, assets and capital of the others. Thus the parties have to show their responsible behaviour and prove their right on certain property, asset or capital. Out of the court when two or more parties in some Sub-Judis matter agree to point an arbitrator for their facilitation this is defined as arbitration. The act or function of an arbitrator is settle some dispute under the permission of court the arbitrator give an award.
Once the award has been given by an arbitrator, it is binding upon the parties. However during the proceeding, on sufficient cause the parties may move an application in the court to change the arbitrator. Moreover, before an arbitrator, parties are better able to present their cases directly without their counsels in an informal environment.
Labour law, compensation law and industrial law are other names of the same term. The relation between employees and employer has been addressed in this law. The Issues regarding wages, pension, gratuity and compensation in case of injury, serious injury and fatal injuries. The issues of leaves and medical benefits as well as children benefits have been defined init.
Business ethics and CSR Free Essays - lauperwhahealjoi.ga
This law effectively deals the matters regarding terms and conditions of jobs for example warning, show cause notice, suspension order, termination from service and inquiries. For aggrieved employee remedies are available in this law. Now a day the world has become a global village. The instant means of communications keep us every moment alive to the changes occurring in every part of the world.
The advertising industry, in an organised manner, is successfully advertising the products from different business concerned all over the world. To deal the issues at global level arising in the business relation the international trade law came into existence through an evolutionary process to provide security and protection to the international business. Businessman, trader and investor always desire security and protection before investing capital on a project. Most of the countries in the world have joined the world trade organization WTO.
Thus they have signed the treaty of WTO. So it is in the common interest of every nation to promote business and trade at international level. International business provides more and more foreign capital and avenues to business places. To dispose of international business disputes, international courts are working in U.
U and Geneva. Before the creation of international trade law, international law has been working successfully dealing with the incidents, occurring across the world. Different international organization has been working for the propagation and implementation of international law.
Role of Business Ethics in Society
Now it is giving results. In the jurisdiction of international trade law the business community never hesitates to do investment on the global business. Now a day many multinational companies running business with good profit. Infect, international trade law encourages and promotes the global business directly and enhance the economic stability creating more job opportunities. Business ethics are not part of common law or the product of proper legislation. These have been evolved from the business activities.
Business ethics lay certain moral boundaries and restrictions on the business concern for the welfare of employees and workers of the society.
An Introduction To Business Ethics Management Essay
Business ethics means to keep the business under the expectations and welfare of society because society provides the place for business so business should be made bound not to violate the basic of society. The purpose of a business should be contribution in bringing prosperity and harmony in society. An unethical business works under the motive of making money, giving birth to so many destructive factors that may shake the foundations of society.
Unethical business leads to illegitimate practices and illegal actions resultantly the business quarter gathers criminals around it. Business ethics keeps the businessmen and related business within bounds eliminating pride imprudence, rudeness, black marketing and blackmailing through illegal use of capital. Observance of business ethics is compulsory is social stability. If the main objective of the company or organization is to earn more and more profit by hook or by crook it is unethical.
Business ethics essay topics worth discussing
Because it has element of greed and lust for money even depriving the other stakeholders from their fundamental rights. Basically the finance is a social science discipline. It shares its borders with behavioural science, sociology, economics, management and ecology. Finance being a discipline concerned technical issues the optimal mix of loan and equity financing, divided policy and evaluation of alternative investment projects and more recently in the evaluation of option and other derivative security. Often it is mistaken to be discipline free from ethical burden. However frequent economic melt downs that could not be explained by the theories of the business cycle alone have broad ethics of finance to the forefront.
Finance ethics is overlooked for some other reasons. In finance issues generally discussed as a matter of law rather than ethics of business. Looking closer into the literature concerning finance ethics one can be convinced that as it is the case with other operational areas of business, the ethics in finance too is vehemently disputed. Human resource management deals with department of activity including selection, recruitment, performance, training and development, industrial relation and health and physical safety issues are addressed by the ethics of business.
The element of discrimination and favouritism in the human resource management is an open violation of business or labour ethics. Rights of employees and duties are determined under the ethical norms. The employees have the right of privacy, right of defence and right to get proper wages relative to his work. The self-respect of employee should not be tarnished at any stage. The acceptance of the rights of workers and employees and security is recognition of their importance in the business activity. Ethics does not allow using the employee as a disposable; it means that employees are always at the mercy of employer.
Whenever the employer wants, he may terminate the job even without any reason. To take part in trade union and struggle for the welfare of employee is a basic right of employees. The decline in trade union, the employees have become more vulnerable and less scored. To treat the workers as slaves is thoroughly unethical and inhuman. This culture has a positive influence on actions and decision-making, as it stimulates to share the values and to act ethically.
- Essay on Business Ethics and Social Responsibility.
- essay on science and technology boon or curse?
- speech analysis essay outline?
- essay on person i respect most.
Perhaps, if I had attended a different school or college, I would have become a different person with different ethical values. As for changing organizational culture, it would be beneficial to un-freeze it prepare for change , make it more flexible in terms of environment changes and re-freeze integrate flexibility into organizational culture. The factors that point out at good ethical climate in the organization are ethical mission and vision, clearly formulated standards and procedures, the presence of audit programs, CSR activities, positive employee attitudes on public resources.
One firm that can be deemed ethical is Starbucks and a company with questionable values is Walmart.
The decisions of both Walmart and Starbucks are both business-efficient, but Starbucks cares more about its employees and about communities, so the first impressions were accurate. Setting the stage for the transition should start from building the values focused on environmental and social factors. Leaders should become role models and demonstrate appropriate behaviors DesJardins, , and the company should move in small steps towards the triple-bottom-line model. An ethically effective culture is the one which is built on shared ethical values and where employees are empowered to implement these values in practice DesJardins, Such approach will lead to profit improvement and long-term reputation enhancement for the organization.
It is necessary to create a mechanism of whistle-blowing. This mechanism should be anonymous and should be delivered to management. The mechanism should protect the reporting side and the rights of the accused persons as well DesJardins, There would be a special account which any of employees could use to send a note to the management and report the issue; the management would consider the issue without informing any other parties and make a weighed decision involving legal consultants and external experts if needed.