Harm

Harm is a moral and legal concept, that is, the consequence of an action or event that causes the quantitative or functional reduction of an asset, a value, an object, property or anything else that has an economic, emotional, and moral value. So, in other words, the harm may concern material and physical assets (such as: …

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Foreseeability

Foreseeability is the ability to reasonably anticipate the potential results of an action, such as the damage or injury that may happen if one is negligent or breaches a contract. [1] Foreseeability determines if the harm resulting from action could reasonably have been predicted. The test is used in most cases only with respect to the …

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Code of conduct

To educate and guide others in the organization, a set of ethics, or a code of conduct, should be developed and distributed. Kimberlee Leonard, who writes for the Houston Chronicle, states, “A code of ethics is important for businesses to establish to ensure that everyone in the company is clear on the mission, values and guiding …

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Jurisprudence

Jurisprudence (term deriving from the Latin language iurisprudentia, derivation of iurisprudens, i.e. prudens iuris: expert in law, or juridical sciences; it refers to the exercise of good judgment, common sense, and caution, especially in the conduct of practical matters) is the science that studies law and its interpretation. In a more technical sense, the term indicates the set of judgments …

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Negligence

Negligence is another type of tort that has two meanings. It is the name of a cause of action in a tort, and it is a form of conduct that does not meet the reasonable standard of care (Kionka, 2013). The cause of action is the reason for the damage, and the standard of care is based on the …

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Corporate governance

Corporate governance is the system of rules, practices, relations, and processes by which corporations are directed and controlled. The concept of corporate governance is relatively new compared to the entire history of free trade and business formation. There was likely some “code of honor” followed by businesses in the past, but it wasn’t until the 21st century …

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Tort

The word “tort” means “wrong” in French. Thus, torts are wrongs committed against others who suffer some form of damage as a result. While these damages could also be the result of criminal activity, the criminal element of the matter is not tried in a civil lawsuit. The standard of proof is lower for civil …

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Negotiation

An article in the Organization Behavior and Human Decision Processesdefined negotiation as the “process by which parties with nonidentical preferences allocate resources through interpersonal activity and joint decision making.” Negotiation becomes necessary when two parties hold “non-identical” preferences. This statement seems fairly obvious since 100% agreement would indicate that there is not any need for negotiation. From this …

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Warranty

A warranty is a guarantee on the good that comes as part of the sales contract, but contract law treats warranties as an additional form of contract that binds the selling party to undertake a certain action. Typically, the selling party has an obligation to provide a product that achieves a specified task, or to deliver a …

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Mediation

Mediation is a method of dispute resolution that relies on an impartial third-party decision-maker, known as a mediator, to settle a dispute. Mediation is distinguished by its focus on solutions. Instead of focusing on discoveries, testimonies, and expert witnesses to assess what has happened in the past, it is future-oriented. Mediators focus on discovering ways to solve …

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