The Legal Environment of Business: Text and Cases
9th Edition
ISBN: 9781305764460
Author: Frank B Cross/ Roger LeRoy Miller
Publisher: CENGAGE C
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 1CT
Summary Introduction
Case summary:An amount of $2 million was deposited into an escrow account by the person RS. The account was managed by a company owned by the person SC. The escrow agreement was violated and the funds were withdrawn immediately. A suit was filed by the person RS against the person SC and his daughter, CC. There was no cooperation by the person SC as he refused to be present in the court. The court observed that the act of the person SC was intentional, and awarded $6 million in the person RS’ favor. Hence, the appeal was filed.
To Find:The effect of the person SC’ actions on his business in the long run.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What role does corporate social responsibility play in Ben & Jerry’s business model? Should Ben and Jerry have continued to operate Ben and Jerry’s as an independent company, rather than selling it to Unilever? What were the pros and cons of going forward with the sale? How can Ben & Jerry’s justify the concept of a triple bottom line—profits, people, and planet—to company shareholders?
1. Various societies hold different opinions on what ‘should be’ regarding ethics. Discuss the following ethical schools of thought (Utilitarianism, Deontological, Ancient Hedonism, Ethics of Responsibility, Ethics of reckoning, situation, empiristic, casuistic and ethics by norm and principles) and carefully explain how these schools of thought have shaped financial ethics.
2. Also identify which of these ethical schools of thought shaped financial ethics the cost.
Essay:
Business purpose of a Pharmaceutical Industry.
Chapter 5 Solutions
The Legal Environment of Business: Text and Cases
Knowledge Booster
Similar questions
- How would a stakeholder approach, if taken by the companys top leaders and board of directors, have possibly prevented the crisis?arrow_forward1. What are the historical forces that brought about changes in the business environment? 2. Explain what is meant by the “social contract” between a business and the society in which it operates. 3. Explain the view of capitalism that was expressed in Adam Smith’s Wealth of Nations. 4. Define business, government and society. 5. Identify and briefly explain the models that help in understanding the relationship between government, society and business.arrow_forwarddescribe and state if there a business portfolio for Dyson? Explain.arrow_forward
- Explain the business Activities & the role of Management functions of ALMARAI (a Saudi multinational dairy company) ?arrow_forwardExplain the rule of viability when making ethical decisions.arrow_forward11. Discuss what is meant by the concept of business power and give two examples of how this power is exercised in a society. 12. Explain what is meant by “usury.” 13. Discuss the difference, if any, between ethics and business ethics. How are they similar and different from one another? 14. How many ethical principles did George Steiner and John Steiner articulate? Name at least 8 of them, and explain with examples 3 of the 8 named. 15. Explain what is meant by a “natural monopoly,” “destructive competition” and “externalities.” Give one business example of each concept.arrow_forward
- Apply Archie Carroll’s (1991) CSR model to the Future Plc business organization. Apply the four areas of CSR identified by Archie Carroll to Future Plc.arrow_forwardDifferentiate between virtue ethics and Insider trading?arrow_forwardExplanation: Discuss how ethics affects the success or failure of entrepreneurs.arrow_forward
- Discuss the comment that, business is charged with making a profit within the rules set down by society and go no further. ie a corporate (or any other organisation) should go no further than meeting the mandatory requirement set down by society otherwise it potentially puts itself at a disadvantage. Hint, think about environmental and employee responsibility as well as responsibility to shareholders, bankers and creditors, as well as future generations.arrow_forwardWhat were the real reasons that coca was taken out of Coca-Cola?arrow_forwardUserChoose one of Confucius's teachings and describe how that principle relates to the military ethical perspective. Does it support your perspective or contrast with your perspective? How does this principle compare to one of the other ethical perspectives covered in Chapter One (Utilitarianism, Altruism, etc.)? Is it quite similar or quite different?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
