Tutor profile: Swati R.
Free will vs. Determinism
Determinism is the view that free will is an illusion, and that our behaviour is governed by internal or external forces over which we have no control. Consequently, our behaviour is viewed as predictable. The causal laws of determinism form the basis of science. An example of an external force would be the influence of parents when rewarding certain behaviours, whereas an example of an internal force would be hormones influencing the way in which someone behaves. However, while determinism is the view that we have no control over our behaviour, there are varying degrees of determinism, including hard and soft determinism. Hard determinism is the view that forces outside of our control (e.g. biology or past experience) shape our behaviour. Hard determinism is seen as incompatible with free will. Free will is the idea that we can play an active role and have choice in how we behave. The assumption is that individuals are free to choose their behaviour and are self-determined. For example, people can make a free choice as to whether to commit a crime or not. Therefore, a person is responsible for their own actions, and it is impossible to predict human behaviour with any precision.
Is the liability always limited in the eye of law? Explain the exception to the limited liability rule and circumstances in which the judicial bodies pierce the corporate veil.
Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Piercing is the exception not the rule. Courts might pierce the corporate veil and impose personal liability on officers, directors, shareholders, or members when all of the following are true: 1. There is no real separation between the company and its owners. If the owners fail to maintain a formal legal separation between their business and their personal financial affairs, a court could find that the corporation or LLC is really just a sham (the owners' alter ego) and that the owners are personally operating the business as if the corporation or LLC didn't exist. For instance, if the owner pays personal bills from the business checking account or ignores the legal formalities that a corporation or LLC must follow (for example, by making important corporate or LLC decisions without recording them in minutes of a meeting), a court could decide that the owner isn't entitled to the limited liability that the corporate business structure would ordinarily provide. 2. The company's actions were wrongful or fraudulent. If the owner(s) recklessly borrowed and lost money, made business deals knowing the business couldn't pay the invoices, or otherwise acted recklessly or dishonestly, a court could find financial fraud was perpetrated and that the limited liability protection shouldn't apply. 3. The company's creditors suffered an unjust cost. If someone who did business with the company is left with unpaid bills or an unpaid court judgment and the above factors are present, a court will try to correct this unfairness by piercing the veil. The most common factors that courts consider in determining whether to pierce the corporate veil are: - whether the corporation or LLC engaged in fraudulent behaviour. - whether the corporation or LLC failed to follow corporate formalities - whether the corporation or LLC was inadequately capitalized (if the corporation never had - enough funds to operate, it was not really a separate entity that could stand on its own), and whether one person or a small group of closely related people were in complete control of the corporation or LLC.
How is selling concept different than marketing concept?
According to marketing concept businesses are required to focus on the consumers' needs and wants so they can offer products or services that will satisfy these needs better than the competition. The marketing concept is founded on the principles of competitive advantage and superior offerings. The rationale behind this approach was that with time, consumers grew to be more discerning and selective about their purchase decisions. In this regard businesses invested in strategies that would provide them with information about what the consumer needs prior to product development. The selling concept, on the other hand, asserts that consumers need to be influenced in order to buy the products on offer through promotional campaigns. The focus of this concept is directed towards turning products into cash for the business. In summary, the differences between the two are; 1. The selling concept focuses on the needs of the seller while the marketing concept focuses on the needs of the buyer. 2. The selling concept works to turn products into cash while the marketing concept works to satisfy the customers' needs through the product. 3. In the selling concept, competition is predominantly centered on sales while in the marketing concept the competition is centered on consumer satisfaction.
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