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Unfair business practices (also Unfair Commercial Practices) describes a set of practices by businesses which are considered unfair, and which may be unlawful. It includes practices which are covered by other areas of law, such as fraud , misrepresentation , and oppressive or unconscionable contract terms.
Bribery, on the other hand, is not only considered unethical is business practices, but it is also illegal. In accordance with this, the Foreign Corrupt Practices Act was established in 1977 to deter international businesses from giving or receiving unwarranted payments and gifts that were intended to influence the decisions of executives and ...
"Under the privilege of free competition, a competitor is free to divert business to himself as long as he uses fair and reasonable means. Thus, the plaintiff must present facts indicating the defendant's interference is somehow wrongful—i.e., based on facts that take the defendant's actions out of the realm of legitimate business transactions."
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Africa Studio/Shutterstock.com[/caption] There is often a thin line between doing something unethical and illegal. Often, companies aim for the former, while engaging in the latter.
The mere thought of money can trigger a subconscious mindset that predisposes people towards unethical actions, according to recent research by professors at Harvard and the University of Utah ...
Unethical behavior can be intended to benefit solely the perpetrator, or the entire business organization. Regardless, participating in unethical behavior can lead to negative morale and an overall negative work culture. [41] Examples of unethical behavior in business and environment can include: [42] Deliberate deception; Violation of conscience
Collusion is not always considered illegal. It can be used to attain objectives forbidden by law ; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. [ 1 ]