What is Ethics? Business Ethics?

Section 1

What is Ethics? Business Ethics?
Explain Moral Minmum and Principle of Rights.
What is CSR?
What is Cost-Benefit Analysis?
Compare Utilitarianism with Duty-Based Ethics.
THE FOLLOWING IS PROVIDED FOR YOUR CONVENIENCE:
THIS IS A REVIEW OF CONTRACTUAL ELEMENTS:
Contracts are much like a recipe; if they have all of the required ingredients, you will have a finished product.
Agreement Mutuality, Absence of duress, fraud or misrepresentation
Consideration Bargained for exchange, something of legal value
Capacity Minors, Insane, Alzheimer’s,
Legality No illegal acts, illegal use, CDS drug sales, usury, gambling, licensing statutes. No agreements contrary to public policy (e.g., liability releases with exculpatory clauses)
TYPES of CONTRACTS
Unilateral – Bilateral
Express – Implied (Emergency Room MD)
Quasi-contract
Executed – Executory
Void – Voidable
AGREEMENT & CONSIDERATION
Offer Requirement
1) serious intention to be bound
2) terms definite or reasonably certain
3) communicated to offeree
Invitation to bid
Auctions – Ebay, Yahoo, etc.
Termination of Offer
1) Revocation (prior to acceptance) Irrevocable Offers?
2) Rejection
3) Counter-offer
Acceptance Mirror Image rule, method of acceptance specified in contract
Requirements of Offer
Serious, objective intention by offeror
Terms reasonably certain, so that parties and court can ascertain terms of contract
Offer must be communicated to offeree
Intention determined by reasonable person test using offeree’s position
Lucy v. Zehmer “high as Georgia pine” case (p.165)
$50,000 for farm
Both drunk – maybe
Written out on back of restaurant check
Negotiated for 40 minutes
Buyer requested seller’s wife to sign as well
Agreements to agree – OK if clear parties intended to be bound “Modern” view
Termination of Offer
Revocation
Rejection
Counter-offer
Termination by Operation of Law
Lapse of Time (if specified in offer). E.g., Offer remains open until midnight July 4
Destruction of Subject Matter – crops destroyed, house burns down, prize animal dies before delivery, etc.
Death of offeror OR offeree (unless irrevocable)
Supervening illegality (limitation on interest charged for bank loan example)
Irrevocable Offers
Option contracts (movie, real estate deals)

Section 2

1. Read the attached case about a Pennsylvania golfer who saw a sign at a course advertising a prize of a new car if a golfer scored a hole in one on that hole. As it turned out, the offer was for a tournament that had already ended but the signs had not yet been removed. Since the golfer was unaware of that fact, saw the offer, and he subsequently made a hole in one, the court awarded him the car, reasoning the circumstances satisfied all the requirements for a valid offer and acceptance.
2.Read the short dissenting opinion, which argues that making a hole in one is a fortuitous matter of luck and not golf skill and that the “offer” and “performance” by the golfer in making the shot was simply a matter of chance, calculated to be 1 in 20,000 and was therefore against Pennsylvania law prohibiting gambling and a (then) illegal act.
3. Who do you think was correct? Was it the majority or the dissent? Why?

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Section 3

Assume someone is involved in a motor vehicle accident in Philadelphia and serious injuries are sustained. The victim, who is unconscious, is brought to Thomas Jefferson University Hospital and the emergency medical personnel performs emergency care, as they revive the patient, and the patient is medically treated. Upon recovery, the patient receives a bill from the hospital on the basis that the medical care was an implied contract – that if the patient had been aware of the circumstances, then the patient would have consented to the treatment and the resulting costs. May the hospital recover the costs to treat the patient?
Why?
In another instance, Assume that a car which is proceeding on the Schuylkill Expressway suddenly pulls off the road and strikes a guard rail. The vehicle which is behind the distressed vehicle pulls off the road to assist, if necessary. It is discovered by the driver of the second vehicle that the first driver has suffered a heart attack and has lost consciousness. Fortunately, the driver who is driving the vehicle behind the car that is operated by the heart attack victim is an MD (cardiologist). The doctor then aids the motorist. He checks the patient’s vitals, performs CPR, and the patient is revived. May the doctor later send the heart attack victim a bill for his services?
Why?
You may use an internet search engine to research your answer.

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