What Is the Difference Between Illegal Behaviour and Unethical Behaviour

question 168

Multiple Choice

What is the difference between illegal behaviour and unethical behaviour?

• A) What is illegal varies from country to country, but what is unethical does not.
• B) Illegal behaviour is that which breaks a country's laws, but unethical behaviour may not break any laws.
• C) It is not possible to say what the difference is between illegal and unethical behaviour.
• D) Illegal behaviour covers a broader range of issues than unethical behaviour.
• E) There is no real difference between illegal and unethical behaviour.

Understand and classify costs related to the production environment and how they impact financial statements.

Analyze supply and demand dynamics to make pricing and production decisions.

Calculate the financial implications of accepting or rejecting special orders, including seasonal fluctuations and opportunity costs.

Understand the concept of opportunity costs and how it influences financial decision-making.

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Definitions:

Seller's Offer

A proposal by a seller to sell goods or services under specified terms and conditions to a buyer.

Void Contract

A legal agreement that is invalid from the outset and has no legal effect due to circumstances of its formation.

Voidable Contract

A contract that may be annulled or considered void at the option of one of the parties due to certain defects or circumstances affecting the contract's validity.

Quantum Meruit

A legal principle that determines the amount to be paid for services when no contract exists or when contractual terms are ambiguous.