Xmgt/216 Business Ethics Reflection

Ethical dilemmas are difficult things to deal with and call into play the individual’s morals and values. The ethical dilemma that I will be reflecting upon has to do with real estate. A group of my friends had purchased a condo in order to rent it out. Each person contributed an equal amount in order to purchase, upgrade and maintain this condo and one night there was a fire that destroyed the entire condo. Although it had destroyed the condo the land was left intact and they had begun to think about collecting the insurance money and then trying to sell the land to a construction company. Two of the group members were in a relationship and had begun to think about owning their own home. These two made a deal with the rest of the group that they would buy the land from them so they could build their “dream” home and that they would settle out in cash in a couple weeks. Now there was no written document to show the agreement but there was a certain verbal contract. Two days later the two who planned to purchase the land, after careful consideration found that the reality of owning the property and having the responsibility of building the house was far too much for them and went back to the group and said they had changed their minds and they would not buy the property. In this scenario the lack of accountability and overall lack of integrity resulted in the falling through of the sale and the loss of the income for the other members of the group. In real life the rest of the group understood that it was going to be too much for the couple to take on by themselves but they also felt slighted by the fact that they had an agreement and had made plans for the money in question and now had to go back and try to collect the insurance and try to sell the property again. The social pressures put upon the couple were very small, since the rest of the group understood there was very little pressure on the couple to go through with the plans but in hindsight the lack of... [continues]

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