Law 421 Week 2 Individual
- Submitted by: mull9976
- Views: 106
- Category: Other
- Date Submitted: 09/29/2015 12:01 AM
- Pages: 3
- Report this Essay
International Legal and Ethical Issues
Paul Mullen
LAW/421
August 6, 2015
Ms. Machelle Thompson JD
International Legal and Ethical Issues
In international transactions there are many issues that must be addressed at the onset. If legal action should arise against a foreign business partner, there will be practical concerns. There could be factors that work against international business decisions. Local laws and customs will be different in a foreign country. In a situation in which the local laws and customs conflict with those of the foreign business partner it is difficult to determine who should prevail because of these differences. For that reason, it is important that business transactions be governed by a well-defined agreement from the beginning.
When a company does business in another country it is important that the companies agree on choice of law and jurisdiction upfront. In the simulation, there was an outbreak of an epidemic that affected the business relationship between CadMex and Gentura (University of Phoenix). Had the companies not determined choice of law and jurisdiction for dispute resolution, CadMex could have suffered more severe financial losses because of the forced subsidization of generic medication. By agreeing upon choice of law and jurisdiction in the beginning, the companies had a pre-defined forum for resolving unforeseen disputes.
When taking legal action against a foreign business partner there are also additional practical considerations. Cultural, ethical, and language issues could arise during a dispute. In the simulation, when CadMex made the decision to pursue legal action against Gentura, there was a significant ethical dilemma (University of Phoenix). CadMex was then branded as a greedy company that values money over health. Explaining the company’s standpoint to people with different cultural backgrounds could cause friction in business dealings. Negotiations could be...
Paul Mullen
LAW/421
August 6, 2015
Ms. Machelle Thompson JD
International Legal and Ethical Issues
In international transactions there are many issues that must be addressed at the onset. If legal action should arise against a foreign business partner, there will be practical concerns. There could be factors that work against international business decisions. Local laws and customs will be different in a foreign country. In a situation in which the local laws and customs conflict with those of the foreign business partner it is difficult to determine who should prevail because of these differences. For that reason, it is important that business transactions be governed by a well-defined agreement from the beginning.
When a company does business in another country it is important that the companies agree on choice of law and jurisdiction upfront. In the simulation, there was an outbreak of an epidemic that affected the business relationship between CadMex and Gentura (University of Phoenix). Had the companies not determined choice of law and jurisdiction for dispute resolution, CadMex could have suffered more severe financial losses because of the forced subsidization of generic medication. By agreeing upon choice of law and jurisdiction in the beginning, the companies had a pre-defined forum for resolving unforeseen disputes.
When taking legal action against a foreign business partner there are also additional practical considerations. Cultural, ethical, and language issues could arise during a dispute. In the simulation, when CadMex made the decision to pursue legal action against Gentura, there was a significant ethical dilemma (University of Phoenix). CadMex was then branded as a greedy company that values money over health. Explaining the company’s standpoint to people with different cultural backgrounds could cause friction in business dealings. Negotiations could be...