Prisoners at a state penitentiary took several prison staff members as hostages during a riot at the prison. Following negotiations, the prison warden signed a written agreement, agreeing that the prisoners will not be punished, if they released the hostages unharmed. After the hostages were released, the warden punished the prisoners involved in the hostage taking. Do you think that the warden contractually obligated to honor the agreement? Why or why not?
Millions of people in the U.S. are involved in business. In the 1920s, President Calvin Coolidge proudly stated, "The business of America is business." Unfortunately, some people do not believe that acting legally or ethically is a necessary part of business. Many stories of illegal and unethical practices are reported in The Washing Post Business section on Corporate Ethics. (https://www.washingtonpost.com/wp-dyn/business/specials/corporateethics/)
Do you think that ethics should be part of business? Isn't it enough that a business acts within the law? Doesn't a director of a corporation owe a duty to the shareholders to maximize profits, rather than to give the customer a "fair deal?" Isn't the free market economy of the U.S. built upon the foundation to "charge whatever the market will bear?" When a person buys a product, shouldn't the consumer observe the old adage, "Let the buyer beware?"