Principles of Business Law - 8620 Words

DIPLOMA IN BUSINESS ADMINISTRATION PRINCIPLES OF BUSINESS LAW (BA333) ASSIGNMENT TERM ONE 2006 Instruction: †¢ Answer ALL questions. †¢ Marks will be awarded for good presentation and thoroughness in your approach. †¢ NO marks will be awarded for the entire assignment if any part of it is found to be copied directly from printed materials or from another student. †¢ Complete this cover sheet and attach it to your assignment. Student declaration: I declare that: ï‚ § I understand what is meant by plagiarism. ï‚ § The implications of plagiarism have been explained to me by my institution. ï‚ § This assignment is all my own work and I have acknowledged any use of the published or unpublished works of other people. Students†¦show more content†¦Thus, the sales of the prescribed drugs were made under the supervision of a registered pharmacist as required by the Act at the appropriate moment in time. Therefore, there was no breach of the Act. Questions of common sense and of commerce were applied in this case where if the picking up of an item from the shelf constituted a sale, it would mean that ownership of the item would immediately pass to the customer. The customer would not be able to have a change of mind and return the item to the shelf; the supermarket would not be able to prevent the customer from taking the item, as it might be the last in stock, which the supermarket wanted to keep it as display on the shelf. Fisher v. Bell [1961] The Restriction of Offensive Weapons Act 1959, prohibited persons from offering weapons for sales. A shopkeeper was prosecuted for displaying an offensive weapon, which is a flick-knife in his shop-window. It is held that he shopkeeper was not convicted, as the exhibition in the shop window was not an offer for sale; it was merely an invitation to treat. Advertisement As a general rule, a public advertisement does not amount to an offer. The courts haveShow MoreRelatedPrinciples Of Business Law By Robert W. Emerson Essay892 Words   |  4 Pageschallenging. There are many rules and ethics that applies in the business world. Most of them can refer to legal terms, confidential activities, and agency, etc. However, one book explains more in-depth about business law called Business Law. The book was published in 2009 (Emerson, 2009). It is also written by an American author named Robert W. Emerson. His book contains a variety of valuable chapters that give details on the principles of business law. The book also provided useful ideas how tort responsibilityRead MoreContemporary Canadian Business Law: Principles and Cases Tenth Edition Cases2150 Words   |  9 PagesContemporary Canadian Business Law: Principles and Cases Tenth Edition Chapter 15: Case 9 Case 9 deals with a homeowner (the principle) who lists her property for sale and enters into an agreement with an agent to facilitate a sale with a third party. Over the course of the agency agreement a prospective buyer inspected the property but didn’t make an offer before the agency agreement expired. The legal issue that arises comes after the agency agreement expires. The prospective buyer laterRead MoreSalomon vs Salomon1550 Words   |  7 Pageslegal entity independent of its members, can enter into contracts and own property in its own right, can sue and be sued and also taxed in its own name. The principle of corporate entity was established in the case of Salomon v A. Salomon , now referred to as the ‘Salomon’ principle. The facts of this case were that the owner of a business sold it to a company he had formed, in return for fully paid-up shares to himself and members of his family, and secured debentures. When the company went intoRead MoreThe Caux Round Table Principles and White’s Biblical Principles1099 Words   |  5 PagesThe Caux Round Table Principles and White’s Biblical Principles The article make a link between the nonspiritual and Biblical principles within which business that will be considered responsible and just should follow to. It is going to draw from principles enlisted by the Caux Round Table and those by White. (White, 1978) Caux focus mainly on the secular section of the principles without putting any emphasis on any one religion but rather as a guidance for proper business dealings for the improvementRead Morethis is an essay1741 Words   |  7 Pages[PDF] 11011 Business Law 100 Semester 1, 2012 - Curtin ... https://business.curtin.edu.au/downloadFile.cfm?fileId=D4471A94...‎ Feb 10, 2012 - 3 Construct a coherent and logical legal argument using the four step process approach. 4 Apply relevant legal concepts and principles to  ... 2. 4 main steps in the legal research process - Introduction to ... unimelb.libguides.com/content.php?pid=172459sid=1451390‎ Jun 11, 2013 - You might also go to an encyclopedia such as Halsburys Laws of AustraliaRead MoreEthics Are The Same As Personal Ethics1258 Words   |  6 Pagesmoral rules, though not necessary laws. Business ethics are the same as personal ethics. An excellent company is not a technically and economically a right company, it’s also the one with social values, or a certifiable standard on ethical, social and environmental aspects. The relation of law and ethics or morality are that many types of laws restrict inmoral practices. For example, one way to discuss that a law should be passed is to argue that the conduct the law is to govern is inmoral and seriouslyRead MoreBachground of Salomon v Salomon Co Ltd Essay767 Words   |  4 PagesFirst and foremost, Salomon v Salomon Co Ltd is the first recognized case law or principle that the company as an individual having a separate legal personality by the courts. In this case, Salomon who manufactures boots and shoes and he is a successful sole-proprietorship. After that, a limited liability company was formed by Salomon in 1892 which is because their families include his wife and children are willing to become of his partners. Mr Salomon was holding 20,001 shares out of 20,007 sharesRead MoreBusiness Ethics : Ethics And Practices1354 Words   |  6 Pages Business ethics Business Ethics relates to policies and practices that regard potentially controversial issues. The business ethics will be the moral principles that will affect a business’s behaviour. Also most organisations pay their business managers to make decisions which will help the business to reach its aims and objectives. Businesses are part of the community therefore they are required to behaviour at a certain standard. Ethical activities Ethical activities will focus on making a positiveRead MoreA 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 MoreUniform Commercial Code and Common Law Contracts1156 Words   |  5 PagesUCC and COMMON LAW CONTRACTS Introduction Uniform Commercial Code (UCC) entails many underlying laws and requirements governing it in trading within a country and internationally. The international trade part has in recent years raises the question as to whether states should change the laws or not. The current laws can bring about many issues causing the downfall of many large businesses. This makes it hard to conclude on the effect of U.C.C. on international commerce coming along with many

Imagine You Are a Tree Living in a Forest Free Essays

Forest has been of great importance to mankind since prehistoric days. 60% of the earth once covered with forest. With the development of civilization, large areas have been cleared to make way for farms, mines, towns and roads. We will write a custom essay sample on Imagine You Are a Tree Living in a Forest or any similar topic only for you Order Now Today about 30% of earth is still forested. The economic value of forests, supply many products like wood from trees as lumber, plywood and fuel wood or charcoal. Timber is used in furniture making, building houses, ships and railway sleepers. Pulp and paper are made from the cellulose of trees. Processed wood products include cellophane, plastics, synthetic fibers like rayon and nylon.Latex from trees such as the rubber tree goes to make tyres, tunes and a wide range of rubber goods. Other uses; fruits, nuts and spices are gathered from the forest. Many medicinal plants such as camphor, cinchona, coca (from which the drug cocaine is extracted) also come from the forests. Cork from the thick bark of the cork oak is stripped for making bottling cork. Forests help to conserve soil by preventing rapid runoff of water after heavy rain and minimizing flooding. Trees take in carbon dioxide and release oxygen into air, which is a great benefit to mankind.Forests influence local and global climate. The forest is also vital as a watershed. Because of the thick humus layer, loose soil, and soil-retaining powers of the trees’ long roots, forests are vitally important for preserving adequate water supplies. The wild animals and other beings get enough protection from the solar heat, temperature and the leaf cover formed on the earth gives cooling effect to the earth. . Since trees absorb heat, we shouldn’t cut them down. Natural wildlife is important because it is part of the natural circle of life.If bears start to die off,{ as it would be too hot without trees/forests} than the trout are going to become overpopulated and other scavengers that rely on bears will begin to starve. Without eagles and other birds of prey, rodents’ population will increase which will cause more rodents in the cities and towns. Forests offer privacy, reduce light reflection, offer a sound barrier and help guide wind direction and speed. †¢ Forest help in giving the direction of wind and its speed. †¢ Forest helps in keeping environment healthy and beautiful. †¢ Forests also minimize noise pollution. they help in the occurence of rain fall ,reduces soil erosion How to cite Imagine You Are a Tree Living in a Forest, Papers

Price of Unethical Behavior

Questions: Prepare a paper in which you evaluate the Tyco International case study provided in Kaplan (2009)and Stephen et al. (2012). Be sure to address the following in your paper: Briefly summarize the historical scenario surrounding Tyco International. How do you think the spending and the loans were able to go on for so long? Evaluate the outcome of events. Was the punishment justified? Why or why not? Is it difficult for us to see ethical breaches that we ourselves commit? Answers: Introduction: There are several ways to define ethics, which are linked with morality. Any organizations code of ethics would be valuable. Organizational ethics embrace the moral principle to develop the ethical standards of employees, workers and top most managers. This principle just moved beyond the accepted values to behave constantly in a moral way. It is not only just appearing to be moral, but acting morally. As a natural fact, it is important that each corporation, firm and professional organizations must have ethical guidelines. AICPA, PCAOB (Public Company Accounting Oversight Board), IMA and the SEC, these all are having their own code of ethics, which are based upon moral principle. This code of moral principle need to be prompted widely, so that both the inside and outside stakeholders become aware to take permission on their actions being constituents of the organization. It is also necessary that the CEOs, directors or the other top managers should clearly state about the personal responsibility and their code of ethics to the all employers, clients, investors and vendors. Summarization on the historical scenario surrounding Tyco International: In 1960, Tyco Inc. was formed as a holding and investment company with the two segments: Tyco Semiconductors and the Materials Research laboratory. In 1970 stock holders and sales equity reached $15million and $34 million respectively. In 1980 Tyco management focused on the acquisition of subsidiaries. Tyco divided the company into three business segments. Dennis Kozolowski became the CEO of the Tyco International and adaptation of aggressive acquisition strategy is made by the company again in 1990. Tycos aggressive strategy continued till 2000 purchasing general surgical innovation. In The 2001, the fiscal year, Mallinckrodt Inc. is acquired by the Tyco Complexity grew within Tycos subsidiaries, in January 2002 A scandal occurred due to the dishonesty of CEO (Dennis) on February 3, 2003. After removing the scandal, Tyco made international moves in 2003, within the company and formed its Adhesives and plastic business segments. To enhance the consumer awareness and to revive the corporate image Tyco launched a global print-advertising campaign in June 2004. In 2005 VSNL acquired Tyco Global Network from Tyco International for $130 million. Tycos revenue downfall caused about $17 billion by the end of the fiscal year 2006. Though there was a strong cash flow, decreased debt and growing revenue, Tyco and its board of director give approval to separate Tyco into three segments. In June 2007, there was a corporate separation of Tyco which split the company into three independent companies: Covidien Ltd. (Tyco Healthcare), Tyco International (Tyco Engineered products, Fire and Security services) and TE Connectivity Ltd. (Tyco Electronics). In the past years Dennis was considered as the highest paid and most celebrated CEOs. With a market cap of $1.5 billion, Dennis named a company as TYCO from backwater manufacturer into industrial conglomerate, which is worth more than $100 billion. He was lauded as one of the top 25 managers of the year. In 2002, it was time when fall came. Dennis was accused by the Manhattan district attorney for the cheating of 1 million in sales tax on his art purchases. This led to a larger investigation made by DA and Tyco board on Dennis. With the following year Dennis was found to cheat his company over hundreds of millions of dollars, which includes unauthorized bonus also. Dennis was sentenced to prison for anindeterminate period of 8 to 25 years. Reason behind the spending and loans weretaken for so long: According to the Tyco Fraud Information center, there were accounting errors but there was no fraud problem. Tycos CEO, Dennis Koslowski was accused with other top managers of giving themselves loans with low interest or without interest, which are not approved by the Tyco board. Some of these loans were part of key employee loan program offered by the company. They were also accused of selling their stocks, without telling the investors. These are the reason behind to spend and to take loans were so easy for Dennis and other top managers for so long. Evaluation of the outcome of the event: As an outcome of this event, people, who have destroyed Bear Streams, Lehman or AIG, are now spending time with the Dennis behind the bar. After being removed from the scandal, Tyco made international moves in 2003 within the company by forming its adhesives business segments. Other changes also took place in Tycos corporate governance (Stephens, Vance, and Pettegrew, 2015). Tycos board chose John Krol as the lead director. Tycos board adopted new governance principles and policies on delegation of authority, which in turn strengthened the control over the disbursements of cash within the company (Brown, 2005). Then the final improvement took place on corporate governance, which has come under the guidance of the Ethical Conduct. The guidance was imposed to make the employees aware about the correct procedures and to give warning for unethical behavior and practices (Tyco to split into 3 separate companies, 2006). Opinion over the justification of the punishment: The punishment was not justified. Though, bail was not granted to Dennis due to not having access to the prosecutorial evidence. The New York governor has the power to give mercy and criminals are released on parole, in an indeterminate sentence a vast discretion is there, such as, based on good behavior Dennis could be released in a couple of years (Gardiner, 2006). Still it is a fact that Tyco always remains strong as WorldCom and Enron, whose downfall is caused by its leaders. The Shareholders, workers get affected too (Clarke, 2011). Our possibilities to see and to commit the ethical breaches: A study by Touche and Deloitte in 2009 indicated that a large number of teenagers suffer from the contradiction on ethical readiness for workforce. There are 80% of teens, who appreciated their confidence for being prepared to take ethical decision in future; even they are able to accept their unethical behavior in present. There are only 25% of teens, who have admitted that they would be very likely to revel knowledge of unethical behavior in the work font (Dresser-Rand buys valve business from Tyco, 2007). These are not only cases; in the case of the parents, they do not even want to accept the possibility that their children can do anything wrong (Johnson, 2012). Even when their children are fully admit their unethical act. Some teachers and the school administrators punish student for their classroom misdeeds (Kaplan, 2015). This situation may lead to leave the profession or taking the other way to make the students realized about their misdeeds. There are few cases, where no accountability for the misdeed, allows students to cheat them without the punishment and they started believing that cheating is an acceptable activity (Ferrara and LaMeau, 2012). Conclusion: Ethics says about the individual value system started developing while the education of a person reaches to the college and further education contribute a little to bring out the changes. There are varieties of reason, to the people, who performs unethical acts. Kohlberg made classification on cognitive frameworks to divide ethical behavior into 6 categories, which are considered as a 6 levels of moral reasoning, they are- stage one indicates being ethical for fear of being punished. Stage two describes being ethical is out of concern. Stage three describes to be ethical for the peer pressure to do the same. Stage four says to ethical due to the rules, laws, regulations and standards, Stage five describes social responsibility for being ethical out of concern to do good for others. Lastly stage six describes the concern for the moral principle and knowing the correct thing to do. References Brown, M. (2005). Corporate integrity. New York: Cambridge University Press. Dresser-Rand buys valve business from Tyco. (2007). World Pumps, 2007(489), p.6. Ferrara, M. and LaMeau, M. (2012). Corporate disasters. Detroit: Gale, Cengage Learning. Ferrell, O., Fraedrich, J. and Ferrell, L. (2010). Business ethics. Mason, Ohio: South-Western, Cengage learning. Gardiner, S. (2006). A Perfect Moral Storm: Climate Change, Intergenerational Ethics and the Problem of Moral Corruption. Environmental Values, 15(3), pp.397-413. Gavai, A. (2010). Business ethics. Mumbai [India]: Himalaya Pub. House. Johnson, C. (2012). Organizational ethics. Thousand Oaks, Calif.: SAGE Publications. Kaplan, D. (2015). KOZ MAKES HIS CASE. Fortune, 160(11), pp.14-16. Stephens,, W., Vance,, C. and Pettegrew,, L. (2015). Embracing Ethics and Morality. The CPA Journal, 82(1). Tyco to split into 3 separate companies. (2006). Pump Industry Analyst, 2006(1), p.16.