W3 Discussion Question 1: Ethical Foundations of Business Legal Processes Purpose: To examine and highlight the ethical foundations that must exist before legally enforceable business transactions can occur. Post: When we engage in business, we often assume that everyone has the same understanding about how the transaction will occur, as well as what will happen if the deal falls apart. Much of this shared understanding is based on repeated interactions with others in a stable commercial system. For example, even in a simple transaction like going through the drive-thru line at a fast-food restaurant, consider all the assumptions people make. First, we assume that the pictures on the menu board accurately represent the available items. Next, we assume that if we order an item, the restaurant staff will begin preparing it to serve to us, even before we have paid. Notice that the restaurant is taking the initial risk in this endeavor: it is committing its raw materials and labor force to create a unique item that may never get paid for. Then, when the server passes the food item out the drive-thru window and you pay them for it, you assume the product is free of defects, impurities, or dangerous additives. You consume that burger, or taco, or smoothie, or triple-grande-skim-latte-with-two-raw-sugars, assuming that it is the item you ordered and does not contain metal shavings or oven cleaner. And on the outside chance, the restaurant's performance is defective--such as the presence of mayonnaise on your burger when you specifically said: "no mayo"--you are vaguely aware that you could drive back around, walk inside the restaurant, show them the receipt and mayonnaise, and receive a new, un-mayo'd burger. Only rarely are any of these expectations actually stated, and yet the unstated assumptions control the outcome of the deal. In much larger transactions, the parties generally state expectations and duties more definitively. All these transactions take place against a background of the legal system; we are only vaguely aware of the "shadow of the law," yet it is indisputably present. For this post, Identify the ethical foundations and legal processes necessary for business contracts to function properly. In other words, what are the customs and institutions that business people assume to be in existence in order to facilitate commercial transactions? This question assumes that American institutions and values are being analyzed, but if you live in another country feel free to discuss your home country's institutions and values that support contract law as well. Pay particular attention to the ethical discussion of property and market transactions in the Scalet text, chapters 2 and 3. Your initial post should be at least 300 words. Response (due Monday by 11:59 pm CST): Respond to one of your classmates. The response should support or challenge one of your classmates' posts, adding value to the conversation. The response should be a minimum of 100 words. Here are some examples of writing a substantive response: Ask an insightful and probing question to your classmate that deepens their level of reflection Share how course materials our outside research supports or contradicts the posting Share new insight Validate an idea with your own life or work experience. . Make a suggestion