Ethical or moral elements (or rules of business) of a contract

This question is one of ethics. Now that you know what is LEGALLY necessary in a contract, and that a contract is not enforceable if even ONE of the necessary elements is lacking. What ought to be the ethical or moral elements (or rules of business) of a contract, in addition to those legally required?

While the contractual elements include offer, acceptance, intention to contract, and consideration. The ethical or moral element of contract includes honesty in all business communication and contract actions, integrity by maintaining personality integrity. It is an ethical requirement that the parties to contract must earn the trust of other by demonstrating consistency of though, words and action. One must have moral courage and be principled and upright in their contractual dealing. Third, ethical contract requires expediency, and promise keeping and flinging the contractual commitments. Finally, a contract requires one to be fair and loyal as these are the only way to protect and advance the legitimate interest of the trade partners.

What are some special issues that arise in Internet transactions involving contracts as compared to traditional transactions involving contracts? What should business managers do to protect their organizations in Internet transactions?

There are emerging issues, which arise due to the tendency of the internet to cross jurisdiction boundaries. When it is a question of more than one law, a mechanism of creating legal obligation arises. This may tend to establish where the parties made their agreement. The parties must clearly clarify the transmission state or receipt acceptance. There is need to know the formalities and the digital signature of the acceptance as evidence. Apart from these, there is inquiry for the law governing the distant contracts since the parties never meet.

Under the EEA, it is a federal crime for any person to convert a trade secret to his or her benefit or for the benefit of others, knowing or intending that the act would cause injury to the owner of the trade secret,”

EEA provides that it is a federal crime to steal a trade secret when the information is more of a foreign state or an interstate product. This is a provision according to the 18 U.S.C. 1832 (theft of trade secrets). The same results or when the beneficiary to be is a foreign power as the 18 U.S.C. 1831 (economic espionage) provides. Section 1832 shows that the thief must understand that the evil did will greatly cause the secret’s owner. Another provision states that thief intends to benefit a foreign government.

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