Essay Example on Rule of Law: A Necessity for Fair Business Operations

Introduction

When the justice system is non-existent or unfair, there are serious consequences involved. The rule of law plays a huge role in keeping the normal life activities fair, orderly, and just; this also applies to the business environment where law plays a significant role (Goldberg et al., 2016). Conducting businesses without the rule of law results in a chaotic environment; the law provides those in the business environment with a laid framework in which to go about their operations. If those involved do not follow these rules, the law punishes them. The actions were taken by individuals, organizations, and even governments, when conducting businesses are accountable to the rule of law. In a potentially volatile landscape, a law in business environments provides stability, assurance, and consistency. Failing to comply with the laws put by the state and the federal government results in dire consequences for the related business.

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Boyd v Racine Currency Exchange, Inc case

The plaintiff in the case is John Boyd's wife. The defendant in the case is Racine Currency Exchange, Inc. Boyd, the plaintiff's partner, was shot at Racine Currency Exchange, Inc on the 27th of April 1970, where he had gone for a business transaction. Events that led to his death are that an armed robber entered the building, took a gun, and pointed at Boyd's head (Best at al, 2018). The armed robber ordered the teller, Blanche Murphy, who was behind a partition of the glass window to either open the door or give him money and else he was going to shoot Boyd. The teller failed to comply and instead fell to the floor, which led to Boyd being shot in the head; Boyd died.

The suit is against Racine Currency Exchange and Blanche Murphy to recover the damages for the loss of the husband to the plaintiff, John Boyd. The plaintiff alleges several counts of negligence by Racine Currency Exchange. The case was reversed by the appellate court and remanded to the circuit court of Cook County. The circuit court dismissed the complaint of the plaintiff on the motion of the defendant for failure to state the cause of action. The court held that there was no cause of action, in attempting to save his life and the property of his employee, the teller did not act negligently.

Impact on organizations

This case impacts businesses; the question is, what an organization should do if something of the sort happened in a similar business environment? Even though the ruling is in favor of the corporation, the fact that maybe the verdict would have been different if the plaintiff would have clearly stated the cause of action (Goldberg et al., 2016). Businesses are impacted in that; they are held accountable for the safety of customers, and so security should be improved. Also, businesses should instruct their employees on the course of action to take in such circumstances; this requires businesses to change their policies.

Impact on Wells Fargo

In the case of our organization, Wells Fargo, we are impacted differently by this case. Customers who come to the bank for business transactions face the threat of being attacked by armed robbers on our premises. It means that we have to tighten security in the area, which will increase our clients (Best et al., 2018). The employees who work for us have to be counterchecked to ascertain that they are competent to give us a competitive advantage. This case also affects us in that we have to be ready in case something like this happened on one of our buildings; we have to ask ourselves whether in such circumstances we should heed to the demands of the robber. Because of this case, we are well prepared to prevent such mistakes happening in any of our buildings.

References

Best, A., Barnes, D. W., Fogel, N. K. (2018). Basic tort law: cases, statutes, and problems. Wolters Kluwer. Retrieved from https://books.google.co.ke/books?hl=en&lr=&id=aORLDwAAQBAJ&oi=fnd&pg=PR27&dq=tort+law&ots=HQFAIe08jZ&sig=dRRZ7_HklxoADfc48CAQhr43hg0&redir_esc=y#v=onepage&q=tort%20law&f=false

Goldberg, J. C. P., Sebok, A. J. Zipursky, B. C. (2016). Tort law: responsibilities and redress. Wolters Kluwer. Retrieved from https://books.google.co.ke/books?hl=en&lr=&id=VC53DwAAQBAJ&oi=fnd&pg=PR21&dq=tort+law&ots=Xwmq9yLD7l&sig=AaDhdCXwWZZd69-WZ20Kw9MsUvQ&redir_esc=y#v=onepage&q=tort%20law&f=false