MGT610 - Business Ethics

SEMESTER FALL 2023

GDB (Graded Discussion Board)
Bc230423642
Question:
Business ethics are required to elaborate on the ethical rules which govern the contracts and
agreements between the parties.

Answer

As a business ethics learner, we can't overlook the value of ethical guidelines in deals and
promises. These concepts are the heart of just and sensible business customs, shaping the
exchanges between groups significantly. Here's my viewpoint on the rules of ethics in contracts:

Good Faith:

People must show honesty, fairness, and integrity during the discussion and implementation of
the agreement. This involves being honest in statements, meeting duties quickly, and staying
away from dishonest or manipulative actions.

Avoidance of Unconscionable Clauses:

Contracts shouldn't have unfair or harsh parts that hurt one party unfairly. This rule keeps us safe
from mean or unfair conditions that wreck the good ground of the agreement.

Fairness and Equity:

Fair contracts aim for both parties getting equal power and perks. Clauses that give too much
power to one side and are mean to the other side are usually seen as not right.

Continuous Communication:

Ethical contracts boost regular talks between groups. This is a key for dealing with unexpected
issues, adjusting to shifts, and keeping the contract's soul alive.

Compliance with Laws and Regulations:

Principled deals observe national and global rules. Folks shouldn't partake in unlawful actions or
those contrary to recognized standards. Keeping laboring laws, laws against bias, and related
rules is included.

Confidentiality and Privacy:

Moral agreements often have parts about keeping secret info safe. People need to value each
other's privacy. Careful handling of delicate data is key. This is especially important in deals
with brainy property, secret trades, and personal details.

Human Rights Compliance:

Agreements must not break basic human rights like the right to just work conditions, freedom
from bias, and a secure and healthy work setting.

Cultural Sensitivity and Inclusivity:

Understanding and valuing different cultures in agreements is more than just right; it's a way to
cherish diversity. Including conditions for inclusivity shows an aim to build work and business
settings that are understanding and thoughtful for diverse cultural views.