Lori Widgot vs Wells Fargo

Only available on StudyMode
  • Download(s) : 47
  • Published : March 10, 2013
Open Document
Text Preview
December 2, 2012

Abstract
The purpose of this paper is to discuss the legal, ethical and social responsibility aspects of the Lori Wigod vs. Wells Fargo case. State and federal law will be discussed in the legal section and analyzed in accordance with the case. In the ethics section three very popular ethical theories will be reviewed that will encourage open-mindedness from the reader. Finally, the social responsibility section will take into account both the law and ethics among other characteristics to see if Wells Fargo was benefiting or hurting society.

Table of Contents
Abstract……………………………………………………………………………………………3
Introduction…………………………………………………………………………………….5-8
Legal…………………………………………………………………………………………...8-12
Ethics…………………………………………………………………………………………12-26
Social Responsibility…………………………………………………………………………26-30
Conclusion……………………………………………………………………………………30-31 References……………………………………………………………………………………32-33

Introduction
Law, business ethics and social responsibility combine to act as a compliance system requiring businesses and employees to act responsibly in society. (Griseri & Seppala, 2010). These fundamental factors have been widely displayed in the legal case of Lori Wigod (hereby referred to as Wigod) vs. Wells Fargo where the plaintiff, Wigod, alleges the defendant, Wells Fargo, of breaching a contract to permanently modify her home loan through the use of a grant. The purpose of this paper is to further analyze the Wells Fargo case and determine whether they followed the law, behaved ethically and was socially responsible while applying these three values of business. First, it is necessary to understand how law, ethics and social responsibility play a role in our society and how they impact business functions. They work in conjunction with one another and are vital in decision-making and the designing of an organization. Law, ethics and social responsibility are used to problem solve, maximize economic resources and improve society’s well-being. From the beginning of time mankind has relied on a set of instructions that assisted in maintaining order and reducing chaos. Rules of law have been used to regulate the conduct of society and, thus, its existence has relied upon it, from Ancient Greece to the present. Laws are a set of public and universal orders that are enforced by a wide range of accepted sanctions. Much like society has progressed, laws too have changed; they have become more sophisticated and somewhat complicated and widely used in modern day organizations. It describes the ways in which people are required to behave in their relationships within an organization and extends to external unions of the organization. The law must be accessible, understandable and consistent; it must be obeyed by everyone in an organization or be penalized if disobeyed. Managers are expected to obey all laws and regulations because they are regarded as the leaders in the organization and set the standard for all others to follow. Business and law work parallel to each other as many of the transactions performed in business require legal regulations; contracts, mergers and acquisitions and leases are just a few examples of the transactions used in business. Together they have created a large number of legal types in organizations such as Banking, Mortgages, Real Estate Transactions, Debtor and Creditor and Contracts. Businesses have legal obligations which must be met in order for an opportunity at success. Any organization conducting business in the US must have an understanding of the legal procedures in order to reduce the possibilities of misusing their authority and engaging in illegal acts. Most legal issues that arise are based on choices which society believes are unethical, irresponsible, or otherwise unacceptable. (Griseri, et al., 2010). Ethics are considered moral guidelines which dictate good and bad behavior; if one behaves ethically, it is considered...
tracking img