In Ethics Competency, When Recently-Installed CEO of GM, Mary Barra

question 27

Multiple Choice

In Ethics Competency, when recently-installed CEO of GM, Mary Barra, became aware of the ignition switch problems, she told consumers

• A) "No one made me aware of the problem."
• B) "There's no time like the present."
• C) "The minute we knew we took action."
• D) "Someone will pay for this error."

Understand the concept of mistakes in contract law and their impact on contract validity.

Differentiate between unilateral, mutual, and common mistakes in contract formation.

Identify and understand the concept of non est factum and its application.

Recognize and explain the effects of fraudulent and innocent misrepresentation on contracts.

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Definitions:

TSX

The Toronto Stock Exchange, a major stock exchange in Canada where various securities are traded.

OTC

Over-the-counter, a term used to describe securities trading conducted directly between parties without the involvement of a central exchange.

Total Quality Management

A philosophy of continually lowering costs and improving the provision of services and products to customers.

ISO 9000 Certification

A family of quality management standards designed to help organizations ensure they meet customer and stakeholder needs within statutory and regulatory requirements.