International Legal and Ethical Issues Simulation Summary University of Phoenix Law/421 There are a number of things a company should be aware of when getting involved in international business. A few factors ought to be considered, factors such as, knowledge of local laws, international laws, political situations which can arise and cultural differences. When a company ventures out to pursue business internationally, the importances of knowing both local and international laws are crucial. Knowing these laws; can help guarantee contracts and agreements entered, will be legal and enforceable. Moreover, it is important to comprehend the political standing of a country, in which business is conducted, in order to establish if there is at all, volatility that could change the agreement.
Addressing International Legal and Ethical Issues Simulation Summary Brenna Hogue LAW/421 Nikki Chtaini May 5, 2014 The simulation discussed a business agreement between two international companies, CadMex Pharma and Gentura. When one company enters into a contract with another company located in a foreign country, both parties need to ensure that the contract is legal in both countries. Defining all the terms of the contract in a detailed and explicit manner is crucially important. When both parties have clear terms of the contract, there will be less chance for any type of dispute to occur. From an ethical standpoint, Gentura faces quite the dilemma due to the rare viral epidemic currently plaguing the country of Candore, where the country is located.
The contract needs to have measures in place to protect CadMex interest concerning property rights and potential dispute. Some of the issues involved in resolving legal actions against a foreign business are the legal system may want to finish the case quickly rather than with quality so may not analyze all the evidence. Another issue may be the difference between the two countries laws. No written documents may also be another issue if contracts are done over the phone. An example is Some practical considerations of taking legal action against a foreign business based in another country are whether the have patent law and trademark laws.
Addressing International Legal and Ethical Issues Simulation Summary Teresa Smith LAW421 December 23, 2013 • What are the issues involved in resolving legal disputes in international transactions? When trying to resolve issues in matters of international business you must have knowledge of the law and culture of the country that you are conducting business. A choice of law clause and a forum selection clause are necessary and help when putting a contract together to detail exactly how these legal disputes will be handled. Contracts that are vague or are put together by people with no knowledge of the country or culture in which they are doing business have little hope of being enforceable. • What are some practical considerations of taking legal action against a foreign business partner based in another country?
Lack of clarity of purpose can be a risk and a legal issue leading to disputes. The major legal principle here is that, companies should always endeavor to clarify and understand each and every clause of the contract so that they know what they are committing themselves too. It lessens on the misery caused during times of disputes. No matter how easy and simple it may appear during the contract signing process, it becomes totally complicated to understand and agree upon a common interpretation of ambiguous clauses when disputes come up. For instance, in the simulation given, there were ambiguous clauses like “ordinary requirements change” which became a source of conflict because the software user and system requirements changed over time which were had to just incorporate into the contract because of the big effect they had on the project costs and
It is very important that for a company to succeed every area of the business must be covered. Therefore when speaking about laws business laws are extremely important. Without laws, companies could not be secured. Whether is a multi-dollar company or a papa and mama’s place law is very important, law will help from companies getting sued and at the same time it helps companies become more productive and more profitable, laws will help a company get contract agreements in place whether is with other companies or customers. It is very important to have agreements and contract because it helps a company be honest and helps be
There are several considerations the first one that should be considered is that the country could deny any future business transaction. The country of interest may also face situations such as political crises, economic or health crises, which may put at risk their business transactions. One should also consider potential litigation to which the company could face you are considering entering into a contract and what laws could prevent or hinder the process. What factors could work against CadMex's decision to grant sublicensing agreements? There are several factors facing CadMex's decision to grant sublicensing Agreements Addressing International Legal and Ethical Issues Simulation
Week Four: Contract Creation and Management Danielle Vazquez LAW/531 August 1, 2012 MICKEY WALTHALL Week Four:Contract Creation and Management This is an evaluation of the video The Nature of Agency. It is important to discuss how contract formation was achieved even under the circumstances. Due to the legal issues presented, the video also offers insight on how the contract should have been achieved, it is important to discuss how other processes and procedures which if had been in place might of better mitigated the risks at hand (University of Phoenix, 2012). The video also presents another contract dispute resolution, although this is a fictional scenario it is important to discuss other resolutions besides arbitration. This paper will discuss the formation of the contract and how a contract administration plan could have been beneficial in the negotiation and signing of the contract between Quick-Take Video and Non-Linear Pro.
Like the Act, the purpose of the PCAOB is to protect the interests of investors and build the public’s trust in the preparation of informative, accurate, and independent audit reports. The PCAOB recently voted to change the way they handle internal controls, which are one of the most important assets for most companies. There have been several proposed modifications and numerous delays to the effective start dates of certain sections of the original Act, particularly Rule 404. While many proposals were presented to the PCAOB, little relief has been granted to-date. Below is a recap of some of the key changes to Rule 404 with regard to smaller companies: * In late 2005, the SEC extended the compliance date to comply with Rule 404 requirements for its first fiscal year ended on or after July 15, 2007.
With these in place, Verizon covers many areas where unethical situations could arise. I believe that they do have a strong group who oversees these areas to avoid unethical practices. Verizon’s delegation of authority helps to eliminate conflicts of interest by having internal and outside audits done to avoid this type of situation. The chief information officer watches to ensure correct choices are made in purchasing IT equipment. They would make sure the best choice for the company is made and not what might benefit some members of upper management.