LAW FOR BUSINESS

Law for Business





Law for Business

Advice Insurance World whether it can recover damages from Dealerz and, if so, specifies the extent of its recoverable losses.

Dealerz has provided contaminated water to Insurance World which has resulted in number of problems. Insurance World can surely claim damages in the given case. Compensatory damages, which reimburse the victim for actual damages incurred. Sometimes, a victim of a crime is eligible for restitution, which is a form of compensatory damages, although it is labelled differently so as to prevent confusion with civil cases (Atiyah, 2003, 196).

In contrast, the purpose of the civil law is to resolve disputes between individuals or private entities such as corporations. If a person has been found to violate the civil law through negligence or an intentional act, such as in the case of contaminated water, then Dealerz, if responsible for contaminated water, is required to pay damages to the employees. These damages can include compensatory damages but may also include punitive damages.

Damages

In the given case, the basic form of damages is compensatory damages. Compensatory damages are meant to reimburse the employees for actual damages suffered. In the given scenario, Dealerz will have to pay compensatory damages to Insurance World which includes payments for medical expenses, property damage, lost wages, and pain and suffering.

Insurance world can also sue the Dealerz as well as it can go for punitive damages. These damages are different and are awarded to the victim to punish the one responsible for it. Also, the award of punitive damages is meant to deter the responsible party and other persons from repeating the same conduct. Usually, punitive damages cannot be awarded unless the responsible party has been found liable for the harm caused, whether by negligent or intentional conduct, and compensatory damages have been awarded. There are exceptions to the prerequisite of an award of compensatory damages before punitive damages have been awarded.

Compensation philosophy is the set of values and beliefs that an organization has in regards to compensation decision-making. This often is combined with a set of guiding principles that further assist in compensation administration. Many firms report that they have no formal compensation philosophy and this would certainly be true of many we have worked with over the years. However, we would argue very strongly that the collection of decisions that the firm has made over a period of time constitutes a compensation set of beliefs and values - a compensation philosophy -regardless of whether or not the firm has actually committed those ideas to a formal document (Atiyah, 2007, 80).

Regulating unfairness

In theory, our judges do not make new law, but interpret and clarify what the law is, even if, in the process, the law sometimes appears to alter! When social change requires faster action, parliament brings in legislation aiming to cure the problem or fill the gap, prompted possibly by a decided case, by the Law Commission or by political considerations. These new rules are in turn tested by ...