Ethics in Contracts
ETHICS IN CONTRACTS Abstract:
When creating a contract, a negotiator is not only doing so to reach an agreement between two or more parties, but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises .
“A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce, and there is an underlying presumption for commercial agreements that parties intend to be legally bound” [1]. When a contract does not expressly address a contingency that occurs, the morality of breach is assumed here to depend on what the contract would have said had it addressed the contingency. Morality in contracts becomes crucial to parties entering into a contract. This is where the role of ethics comes in.
List of illustrations:
1. Shell Oil corporations’ Brent Spar Incident
2. Individual Case: Gerbert vs Gerbert (a clash between brothers after a contract)
3. Gujarat Housing Board vs Vipul Corporation on 21 June, 2004 .
4. Odorizzi v. Bloomfield School District CA Ct of App 54 Ca Rpt 533 [1964].
5. ONGC vs Streamline shipping company PVT. Ltd. on 22 March, 2002
6. International Telemeter v. Teleprompter, 592 F.2d 49 (2d Cir. 1979).
7. State Of Kerala vs United Shippers And Dredgers Ltd. on 15 July, 1982
8. Situation: Kitchen Renovator vs a construction company
9. Situation: Kitchen Renovator vs a construction company
10. Situation: Kitchen Renovator vs a construction company
11. Situation: Kitchen Renovator vs a construction company
Introduction:
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The most common form of business all around the world is corporation. There are more than 2 partners who either wholly or has limited liability over the business. In such a scenario the need to bind by certain terms arose both within the
When creating a contract, a negotiator is not only doing so to reach an agreement between two or more parties, but to create an agreement that is durable; whereby parties of the contract are legally bound and committed to its promises .
“A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce, and there is an underlying presumption for commercial agreements that parties intend to be legally bound” [1]. When a contract does not expressly address a contingency that occurs, the morality of breach is assumed here to depend on what the contract would have said had it addressed the contingency. Morality in contracts becomes crucial to parties entering into a contract. This is where the role of ethics comes in.
List of illustrations:
1. Shell Oil corporations’ Brent Spar Incident
2. Individual Case: Gerbert vs Gerbert (a clash between brothers after a contract)
3. Gujarat Housing Board vs Vipul Corporation on 21 June, 2004 .
4. Odorizzi v. Bloomfield School District CA Ct of App 54 Ca Rpt 533 [1964].
5. ONGC vs Streamline shipping company PVT. Ltd. on 22 March, 2002
6. International Telemeter v. Teleprompter, 592 F.2d 49 (2d Cir. 1979).
7. State Of Kerala vs United Shippers And Dredgers Ltd. on 15 July, 1982
8. Situation: Kitchen Renovator vs a construction company
9. Situation: Kitchen Renovator vs a construction company
10. Situation: Kitchen Renovator vs a construction company
11. Situation: Kitchen Renovator vs a construction company
Introduction:
The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The most common form of business all around the world is corporation. There are more than 2 partners who either wholly or has limited liability over the business. In such a scenario the need to bind by certain terms arose both within the