BUS311_chapter_05

The court concluded that there was no meaningful

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Unformatted text preview: a business, the wise person will try to anticipate all the things that might go wrong, and contract in such a way as to minimize the impact, should the worst-case scenario materialize. rog80328_05_c05_089-110.indd 105 10/26/12 5:37 PM CHAPTER 5 Section 5.6 Chapter Summary Focus on Ethics This chapter raises many issues concerning things are legal but may or may not be ethical. Consider the rules on minors’ contracts. What if Mathew, a minor, buys Stephanie’s car for $7,000 and then enters it in a demolition derby? The law permits Mathew, under the majority rule, to then disaffirm the contract and get back his money for the now-wrecked car. Is Mathew behaving ethically? Is this a situation of “seller beware” rather than caveat emptor/buyer beware? Suppose Ron organizes the office betting pool on the Super Bowl, collecting money from everyone, including you, to constitute the prize. After you are found to have picked the winning team and point spread, Ron tells you he’s sorry, but he can’t pay you because he just discovered gambling is illegal. Is Ron acting ethically? If you turn him in to the poli...
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This test prep was uploaded on 04/09/2014 for the course BUS 311 taught by Professor Parker during the Spring '10 term at Ashford University.

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