Law, Ethics, and Corporate Governance Assignment

Law, Ethics, and Corporate Governance - Assignment Example aler to make good on any offer made through an advertisement exclusively based on the fact that the customer had to travel a distance in the heat to get to the destination of sale. However, on an ethical standpoint, it would seem inappropriate to disengage a customer, especially one who has made such extensive efforts to avail the offer. When Tony quoted the price of â€Å"$3,000 firm†, he indeed made an offer to the customer that he was willing to purchase the truck for the said amount. By adding the word â€Å"firm† to the sentence, he further validated this price. In financial markets, the word â€Å"firm† is used to indicate that a price is readily available and can be taken up on. Thus it is safe to assume that Tony made a valid offer to the customer. However, the issue arises as to whether a contract is in effect. In legal terms, a contractual obligation can arise on a verbal commitment, but there is no way to substantiate the claim in case either party backs down. Thus it is safe to say that a contractual agreement has not taken place between the dealer and the customer. Therefore it is not a binding offer on the part of the dealer. However, sales’ ethics implies that if a verbal offer is communicated to a customer, it should be honored. The whole premise of marketing and sales revolves around ethical communication, and on those grounds, the dealer should stick to his word. Again, its not compulsory in the eyes of law, but business ethics dictate that the deal should be honored. Employees of the advertiser cannot take advantage of any special promotion offers that are taking place. This clause also extends to the immediate family of the employee. Mr Daniel Myers states that â€Å"Companies often disqualify their employees from special offers and specials in order to avoid the appearance of inside dealing or impropriety.† The reason behind this is that employees may have access to information which may pertain to that particular promotion. Using this