Describe the pyramid of corporate social responsibility and include a description of its components
What will be an ideal response?
ANSWER: The pyramid of corporate social responsibility portrays four kinds of responsibility: economic, legal, ethical, and philanthropic. Economic performance is the foundation for the structure, because if the company does not make a profit, then the other three responsibilities are moot. While maintaining a profit, business is expected to obey the law, do what is ethically right, and be a good corporate citizen. (1) Philanthropic responsibilities are to be a good corporate citizen, contribute resources to the community, and improve the quality of life.(2) Ethical responsibilities are to be ethical; to do what is right, just, and fair; and to avoid harm.(3) Legal responsibilities are to obey the law, which is society's codification of right and wrong, and play by the rules of the game.(4) Economic responsibilities are to be profitable; because profit is the foundation on which all other responsibilities rest.
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A contract requires an offer and an acceptance
Indicate whether the statement is true or false
Jerrold Williams buy a car for personal use on credit from Junk Yard Dog Auto Sales. Jerrold gives JYD Auto Sales a promissory note for the value of the car. The note is marked "customer note". JYD assigns the note to Sure Finance
The car is defective and Jerrold refuses to pay Sure Finance. It sues him on the note. Which of the following is TRUE? A) As a promissory note is a negotiable instrument, Jerrold cannot set off the cost of the car repair against a claim on the note. B) Because the promissory note is marked as part of a consumer transaction, Jerrold can set up the cost of repairing the defects against the amount owing on the note. C) Because Sure Finance is a holder in due course, the cost of repair cannot be set up against its claim on the note. D) Because this was a consumer transaction and Jerrold did not receive independent legal advice, Sure Finance cannot sue him on the note. E) Both A and C