Legal Environment 5th Edition by Jeffrey Beatty,Susan Samuelson

Exercise 12

ETHICS In the Heritage case, the two companies had agreed to a price change of$0.01. When Heritage's lawyer pointed out to his client the change to $0.10, the Heritage officer did not tell Phibro. The change was subtle in appearance but important in its financial impact. Was Heritage's behavior ethical? When the opposing side makes a mistake in a contract, do you have an ethical obligation to tell them? What Life Principles would you apply in this situation?