In order for a contract to be legal it must contain four basic elements. One of those elements is an offer. The contract must contain a clearly stated offer to do something. The next element of the contract is that there must be an acceptance. The offer must be accepted as is without any conditions. The acceptance can be either written, verbal, or understood by taking action. Once the offer has been accepted by both parties, the next element requires that both parties be aware of intention of legal consequences. Individuals entering a contract must be aware that it is legally binding. The last element is consideration. In order for a contract to be legally binding it must show that one party promise to do something in return for a promise of benefit of value from the other party. The text described two general types of ethical decision making – the Principles-Based Approach and the Consequences-Based Approach. In your own words briefly describe each approach and explain how they are similar and how they differ.
From reading the text I got the understanding that the Principle-Based Approach is an approach about ethical decisions that are made base on a person’s religious beliefs. For example if a homeless person is walking down the street a person who was raised off of religious principles may feel that is ethical that they try to help this person with either food or shelter. On the other hand a person not raised this way may not even take notice to the homeless man. The consequences-based approach is about making a decision based on which choice has the best outcome for that person. These two approaches are similar in the way that they both use theories in which they look out for the benefit of society. In the principal-based approach they look at the idea of everyone benefiting in society from acting the same way. Consequence-based looks at the decision that benefits the most people in the long run. The text classifies “securities” into two broad...
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