StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

International Legal and Ethical Issues in Business - Essay Example

Cite this document
Summary
Part 1 Essentials of a Valid Contract In a perfect business world, a contract will serve as basis for execution of certain agreed-upon conditions and will act as a mechanism to prevent and settle disputes and litigation. Fundamentally, a contract is an agreement to do or not to do something…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER92.8% of users find it useful
International Legal and Ethical Issues in Business
Read Text Preview

Extract of sample "International Legal and Ethical Issues in Business"

Download file to see previous pages

But whether contracts are entered orally or in the written form, they should include the following essential elements for them to be deemed valid: parties capable of contracting, consent of the parties, lawful objects, and consideration (Bhana, Bonthuys, & Nortje, 2009). First and foremost, parties capable of contracting are those of legal age and are not convicted of any crime and thought to have mental or behavioral disorders. Hence anyone, save from the aforementioned exceptions, can enter into contract.

In most instances, parties who involve themselves in these legal agreements should provide accurate and sufficient identities: full names, addresses and even titles. In sales contracts, moreover, the terms ‘seller’ and ‘buyer’ are oftentimes designated to the contracting parties (Steingold, 2009). Consent of the parties, which are free, mutual and well-communicated, qualifies for a valid contract. Consent obtained through intimidation, violence, fraud, undue influence and mistake does not make any contract valid.

Similarly, consent is not considered mutual unless both parties agree on the same thing in the same sense. Basically, the articulation of an offer and an acceptance from contracting parties are required to make a contract valid (Helewitz, 2010). Furthermore, the thing being referred to in a contract is also called as the object. Objects must be lawful, possible and definite (Helewitz, 2010). Any law of court would not enforce any contract to perform an illegal act. Therefore, disputes in drug deals are not accommodated in legal agencies due to the fact that the contracts concerned are null and void.

Of particular importance also in the determination of validity in contracts is consideration: meaning, each party must gain something out of the said agreement (Walston-Dunham, 2008). For example, if someone agreed to repair someone else’s house, and the latter never promised to give anything in return, then the one asked to do the service could not be sued for not showing up because he did not obtain consideration, in this matter. Objective Theory of Contract There are two approaches in deciding whether or not a party has entered into a valid contract.

For the most part of legal history, the Subjective Theory of Contract happened to be the universal doctrine. However, during the late nineteenth century, the Objective Theory of Contract had been adopted by majority of lawyers and judges when deciding the merits of a contract dispute case, downplaying the former theory. Essentially, the recent theory upholds that the intention of the parties to a contract or an alleged contract, for that matter, is to be determined from their words and conduct, rather than their unexpressed or supposed intentions.

Hence, it eradicates the subjective notion of intention (‘meeting of minds’ concept) which was deemed by most legal experts as vague and prejudicial (“Objective Theory of Contract,” 2011). But even though the Objective Theory of Contracts applies virtually in all jurisdictions, some aspects of subjectivity are nevertheless existent still. For instance, several strong cases for the nullification contracts are raised via the grounds of mistake or duress, which are practically based upon the subjective beliefs or intentions of one party of another (Farnsworth, 1999).

In the ‘Harrier Jet’

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Legal and Ethical Issues in Business Essay - 2”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1421417-international-legal-and-ethical-issues-in-business
(International Legal and Ethical Issues in Business Essay - 2)
https://studentshare.org/environmental-studies/1421417-international-legal-and-ethical-issues-in-business.
“International Legal and Ethical Issues in Business Essay - 2”, n.d. https://studentshare.org/environmental-studies/1421417-international-legal-and-ethical-issues-in-business.
  • Cited: 0 times

CHECK THESE SAMPLES OF International Legal and Ethical Issues in Business

Business ethics

This level also discusses the ethical issues facing individual and corporate entities (both private and public) when formulating and implementing strategies (Weiss 75).... Author Course Tutor Date business ethics This study will analyze the concept of business ethics by giving a definition of the term and the various levels of business ethics.... In addition, the study will focus on the importance of business ethics to any business....
4 Pages (1000 words) Research Paper

The Legal and Ethical Environment of Business

Recognize the principal legal and ethical issues facing managers Managers have to face number of issues in their day-to-day dealings.... The legal and ethical Environment of Business 1.... Compare the American legal system to the international legal environment of business.... Discuss public/private law and the legal environment of business.... There are certain laws, which affect every business, big and small....
5 Pages (1250 words) Research Paper

International Legal and Ethical Issues in Business IP Week 4

International Legal and Ethical Issues in Business Name: Institution: Abstract Some firms use anti-competitive practices in order to improve their positions in the market at the expense of the small rival firms.... International Legal and Ethical Issues in Business Introduction The antitrust laws were put in place by the federal and state governments in United States to regulate businesses.... The laws are set of rules and regulations designed to enhance competitive environment in the business environment....
4 Pages (1000 words) Essay

International Legal and Ethical Issues in Business DB Week 2

nproblematic way into debts through credit cards, credit lines or other financial tools allows International Legal and Ethical Issues in Business DB Week 2 Who may file chapter 7 bankruptcy?... Not everyone is eligible to file for this, and therefore every person who wants to file for it must meet the requirements below: ...
1 Pages (250 words) Essay

International Legal and Ethical Issues in Business IP Week 3

At this time they have a contract, which once signed can be legal and binding.... This aspect is common in the real estate business, where two parties have something to offer each other.... Every legal contract must be drawn between two competent parties, also known among some as capacity.... legal Purpose.... In order for a contract to be valid, it must also be legal in the domicile which it is drawn.... For example, loan contracts with usury above the legal limit are invalid, as are agreements for such things as prostitution, arson, murder and gambling....
4 Pages (1000 words) Essay

International Legal and Ethical Issues in Business IP Week 5

Based on the stiff competition currently experienced in the international market, it is essential for a firm that is focused at going global to undertake an… Additionally, it is fundamental to study the compensation policies that exist in the foreign countries to be compliant with the law thus ensuring the continuity of the business operations.... Based on the large number of legislations passed by the law making body, the country has addressed large number of issues that does not affect the local companies but also foreign firms....
4 Pages (1000 words) Essay

Business Ethics And The Business Organization

The paper "Business Ethics And The Business Organization" discusses the issue of the coexistence of profits and ethics in business.... Lack of ethics in business environment hurt the consumers through sub-standard products, exploitative prices of products and incorrect weights.... The debate between business ethics and profits continue to draw different reactions in the world.... hellip; The business built on strong ethics will survive by maintaining profitably with the strong network of relationships with owners and they become role models for business with the long-term vision of successful survival....
10 Pages (2500 words) Book Report/Review
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us