This post addresses ethics & alternative dispute resolution.
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Why should business managers learn ethics, in addition to laws, before entering the business world? Isn't it enough for businesses to simply hire lawyers and follow the law?
Why do so many business contracts provide for disputes to be settled using alternate dispute resolution rather than the court system?
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Solution Summary
This solution discusses the following questions:
Why should business managers learn ethics, in addition to laws, before entering the business world? Isn't it enough for businesses to simply hire lawyers and follow the law?
Why do so many business contracts provide for disputes to be settled using alternate dispute resolution rather than the court system?
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In today's business world, it is definitely not enough that managers only know the law. It is imperative that managers also know ethics. There has been a shift towards ethical behavior in corporations that we have seen in the last decade, just after the accounting scandals of the early 2000s came to a close. This shift has led to the creation of various laws for public companies, like the Sarbanes-Oxley law (SOX). Although SOX is an accounting topic, it must be followed by all publicly traded companies. One of ...
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