•Your budgets are tight. You procure some business services but you did not rece

Question

•Your budgets are tight. You procure some business services but you did not receive their invoice- and six months go by. Do you remind them to send the invoice? Why? 100-200 words on what you would do. & 300-400 words on all 3 questions

•How do you handle the situation that the other party does not have all of the facts as we know them?

•Is the decision made still good if the roles are reversed?

• How do you handle the situation where the potential decision is legal but some, perhaps many, consider it to be unethical?

Explanation / Answer

1. If merchandise is received but the invoice is not received by the end of an accounting period:

One can send reminders for the missing invoice. While making the payment, mention that the invoice has not been received. The stipulated period for receiving an invoice depends on the country. If the vendor is not required, in the contract, to send the invoice within the stipulated period, the vendor can send the invoice.

The doctrine of laches is applicable. It is applicable when a party delays the enforcement of a legal right; therefore the party suffers. The letter to the vendor should say that the charge cannot be paid unless an invoice is provided by a particular date. This can establish the defence of laches. Do provide a notice to the vendor.

2. Communicate if one faces an issue in a relationship with a vendor. Else, the vendor can sue the consumer in a court of law. Follow rules, and, procedures as per law. The situations relating to Moral Hazard, and, information asymmetry arise due to this.

3. A person having more information can use it for earning profits. If a party does not have all the information, a party's representative may not take decisions that are in best interest of the person. The representative thinks of one's own profits even though the person does gain from the relationship.

4. Ethical universalism can be used. The implications of an action are universal regardless of the circumstance. Universal ethic is applicable to everyone.

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