International Legal and Ethical Issues Simulation The simulation focused on a pharmaceutical company called CadMex looking to take their business abroad and join forces with another company called Gentura. The simulation went through various scenarios and situations that CadMex encountered along the journey of expansion and ultimate joint partnership with Gentura. The simulation highlighted legal disputes within international transactions, practical considerations before taking legal action, ways to deal with local conflict, and different ways to resolve domestic and international legal issues. When a company decides to extend their business internationally it must first decide the choice of law they will choose to follow while operating within the country. For example, in the simulation CadMex must decide between CISG and CRTIC.
This action is a good start, so that both parties define and protect specific laws. If a legal dispute does happen both parties may wish to be aware of practical considerations before taking any legal actions. Considerations such as; the partnership, the original contract, the laws of the government that one is doing business with, future investments, and relations with the country in which the business is located. One factor that may not work in CadMex’s favor when granting the sublicensing agreement is that there is always a chance that Gentura may violate the agreement and divulge CasMex’s proprietary information to competing companies. When conducting business with foreign countries one should always be aware of the laws and customs in place of the country one wishes to conduct business with or make arrangements to do business (Delaney, 2004).
Corporations rely on the functions of law to protect their business dealings while managing business connections. Legal counsel, arbitrary agreements, order, safety, establishing good rapport with consumers, vendors, etc. are a few functions of business law (ehow.com, 2015). Like you or I, businesses have to pay taxes on income they earn, and tax law determines how businesses pay taxes. Business owners can choose from one of several business options that the Internal Revenue Service’s offer in regards to tax (nbea.org, 2007).
Understand product liability issues and recotnize contractual and non-contractual liability in business transactions. 4. Locate government resources, programs and legislation that impact international trade and investment. 5. Recognize situations in which legal advice should be obtained.
CHP 5. 6 QUIZ 2 Question 1 | Some constitutional protections apply to business entities. | | | | Correct Answer: | True. | | | | | Question 2 | | | Holly, a lawyer on the staff of International Group, applies the utilitarian theory of ethics in business contexts. Utilitarianism focuses on: | | | | | Correct Answer: | the consequences of an action.
International Legal and Ethical Issues Keith Shaheen LAW 421 January 17, 2013 Simone Tyler International Legal and Ethical Issues Setting up a contract between Cadmex Pharma; in the United States and Gentura in the country of Candore; must be mutually beneficial for both companies. The contract should protect the rights of a company against any disagreements or disputes. American business in foreign countries will need to consider the different cultures, customs, ethical differences, international laws, and political situations when negotiating any contracts. Both companies will have to determine which laws to follow when attempting to resolve any disputes. In this scenario there are two types of laws to choose from are,
Businesses are required to follow U.S. laws and regulations when conducting any type of business around the world. For our business to be successful, we must always be vigilant in contacting other local businesses in other countries to establish a new market through their cooperation. A benefit of this partnership with locals is the fact of them knowing their legal system and their on regulations in place that could possibly affect business negatively. With these legal and regulatory forces in play, this is our we will help grow our company by expanding and leading the market in our
Business ethics are often guided by law, while other times provide a basic framework that businesses may choose to follow in order to gain public acceptance. Business ethics are implemented in order to ensure that a certain required level of trust exists between consumers and various forms of market participants with businesses. Business ethics can be defined as the critical, structured examination of how people & institutions should behave in the world of commerce. In particular, it involves examining appropriate
It provides them with honest information about the credit card processing industry. It also aids them in communicating concerns with payment brands like Visa and Mastercard. In this essay we covered the social pressures may influence the company and how these issues may affect the company’s decisions. Lastly we then discussed the possible legal and ethical issues faced by the organization. References Chase Paymentech Solutions, LLC; www.chasepaymentech.com Manias, N., Monroe, D., & Till, J. E. (2013, 2011, 2009, 2004, 2000).
Role and Functions of Law Paper Trent Thomas LAW421 University of Phoenix Instructor: Tiffany Brady March 11, 2013 Abstract The role of law in a free market system can be viewed as bilateral, one function being the enforcement of law to protect business’ interests while operations are conducted, and the other exercising protection for commerce and the consumers within it. In this paper, I will explore the primary functions of law and its role in the business world; providing ample examples, facts, and considerations of business law’s role in commerce. Correspondingly, this paper will briefly discuss federal, state, and local court systems that help companies enforce contractual obligations, ensuring that they do not face frivolous