Legal Business Discussion Questions
Name
Institution of Affiliation
Professor
Date
Legal Business Discussion Questions
Part 1
- Are the director and the two executive officers liable?
The three former workers of Ikonia Inc are liable for the damages caused due to their actions. They would have expressed their intentions and made it known to the company management while they were working for the company. This would have given the company the opportunity to decide whether to sack them or not (Kelly et al., 2020). They are liable since they were using the corporate name and resources to advance their selfish plans that were not for the good interest of the company they were working for. They should, therefore, pay for damages.
- Did they act ethically?
They did not act ethically. This is because their intentions were not for the best interest of the company but for their selfish gain. Additionally, by not disclosing to the company management what they were doing, their conduct was unethical. They used the company resources for their selfish intentions, which is contrary to the company’s code of conduct and ethics (Miller, 2016). If something had gone wrong, they would have blamed the company and not take individual responsibility as dictated by ethics. In addition, they were using the company name to recruit their own consumers, which is still unethical.
- Who do you think will win and why?
The company is likely to win the case because it has enough evidence that the three former employees were using its name to recruit their own consumers for their new company without its knowledge (Beatty et al., 2018). This is ethically and legally wrong. They needed to first seek permission from the company to start such kind of activities.
Part 2
1
I think this rule encourages people to hide some facts from the insurance company until the policy is incontestable. For example, someone may not disclose facts that would make the premiums they pay rise as long as they know they can do it later when there is nothing the company can do about it. One may have a medical condition that would require constant medical attention, and this is disclosed by the company would increase the premiums paid. It is unethical to hide facts that threaten in making the insurance policy invalid since the law in insurance provides that when entering into an agreement, all facts should be disclosed for fairness for both parties (Beatty et al., 2018). If, for example, the insurance company discovers that the client knowingly did not provide vital facts that affect the insurance policy, it has legal ground to terminate such a policy and not even pay for damages. This would negatively affect the client hence the need, to be honest. This rule is to protect the client who is paying the premiums so that they can benefit in the event that the policy matures.
Part 3
1
Accused
Damages
Affidavit
The terms will help my personal and professional decision making since I am now able to use the right terms that will not confuse others. In addition, one is able to make informed decisions based on the very well understanding of the terminologies in law that legal minds may challenge one with.
2
The assignment regarding business ethics and the code of conduct was the most valuable for me. This is because I got to learn the various provisions of ethics among the business professionals and how to relate with the employer and employees in an organization. This will boost organizational performance since one is able to work professionally and in an ethical manner with others
3
Based on the target I set from the beginning of the course, I have been able to achieve my goals of learning as much as I can regarding business and law. I am now confident that I can perform and understand better legal terms and provisions while working in an organization.
References
Kelly, D., Hammer, R., Denoncourt, J., & Hendy, J. (2020). Business law. Routledge.
Miller, R. L. (2016). Business Law Today, Comprehensive. Cengage learning.
Beatty, J. F., Samuelson, S. S., & Abril, P. (2018). Business law and the legal environment. Cengage Learning.