LLB - CONTRACT LAW Essay Example | Topics and Well Written Essays - 500 words

LLB - CONTRACT LAW - Essay Example Georgian era ended in 1830 and this means Peter meant that candlesticks came to the family during Victorian era and perhaps John should have found out details about their previous owner. Still there is no doubt that he was totally misled as he trusted Peter. This contract could be set aside because it is a misrepresentation1 from one side and a mistake on the other. Misrepresentation was done in clear words, with a special knowledge2, over dinner at Peter's residence by Peter, upon which the entire Contract stood. John has to prove that it was not a matter of opinion regarding the nature and originality of the candlesticks, but was an intentionally made statement, because if it was a matter of opinion, misrepresentation does not come into picture3. John can prove it easily because Peter did not refuse the 7000, which is exorbitant for a piece as recent as Victorian. Peter also has a possibility of showing that he genuinely believed that the piece was Georgian; but such possibility is remote. John's mistake could be argued as 'being led to it' and not an incorrect understanding and this can be a ground to invalidate the agreement.

ETHICALITY & PROFIT MAXIMIZATION Essay Example | Topics and Well Written Essays - 250 words

ETHICALITY & PROFIT MAXIMIZATION - Essay Example Business enterprises seek to maximize their profits by ensuring that the legal aspects of profit making and ethical practices complement one another. These ethical practices relate to all the stakeholders that influence business operations in one way or another. For instance, a firm that rewards employee performance acts in the interest of both the employees and its own welfare. It is important to note that ethicality in business spreads across the internal and external business environments (Hooker, 2003, p.5). This makes ethicality in profit making a pertinent issue to account for across social and economic business concerns. Disregarding the ethical part of business operations can be fatal to the performance of any given enterprise. To start with, firms highly rely on markets and consumers for their business success. Customers favour firms that act in their interest alongside pursuing their bid to make profits (Ferrell, Fraedrich, & Ferrell, 2012, p.276). Secondly, the same process factors in social corporate responsibility among other concerns. Therefore, ethicality and profit maximization can essentially be complementary as opposed to being ‘enemies’ in the business environment. Ferrell, O. C., Fraedrich, J., & Ferrell, W., 2012. Business Ethics: Ethical Decision Making & Cases, London: Cengage Learning. [Online] Available at: http://books.google.co.ke/books?id=sI1jqoMRW7gC&pg=PA166&dq=business+ethics+and+profit+making&hl=en#v=onepage&q=business%20ethics%20and%20profit%20making&f=false [Accessed November,