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Business is known to be separated from the government in the majority of democratic countries. Needless to say, that any organization is free to perform and suggest any kind of products and services. However, it is to be said that business still has to follow a particular set of rules for the sake of national economy and stability of citizenship’s environment. As any widespread and essential phenomenon, business has to oblige certain laws, which are the compulsory standard. To be more exact, regarding the sphere of business, it should be noted that the law suggests certain regulations concerning fair treatment of consumers and other companies. Taking this into consideration, it is necessary to discuss the given case study, which provides an example of contradiction between average customers and organizations, which were acting illegally towards their customers from the several perspectives. Actually, the following discussion highlights the key points of business’ law.
To be more exact, the given cases are about so-called contractual unconscionability. In the other words, the reason for the trials was an unexpected change of loan policies so that customers had to pay more than it had been agreed. The companies-defendants were claiming that shift in policies were caused by a several factors, which were unexpected, as well. However, none of the filed documents witnessed about agreement on this issue. As a result, the companies had second thoughts about their policies and changed them in the favour of borrowers. Actually, it was the right decision because the filed documents evidenced about agreed policies and, therefore, returns, as well. Thus, the borrowers were obliged to pay only outlined sums.
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On the other hand, such unfair action of the organizations could be caused by a subprime loan crisis. In terms of resource management, the organization had to increase prices for restoring preceding returns. However, it is not only one solution to the problem. What is more, it is to be admitted that business’ law does not suggest any exclusions for fair trade policies. In the other words, the companies had to follow fixed standards without any respect to their internal situation. As a consequence, any crisis is not a reason to treat illegal actions of the organizations as action in extenuating circumstances. In fact, it is the main point of my personal opinion about contractual unconcsionability. However, it is worth outlining it in more specific way.
To be more exact, all unexpected cases of loan policies are supposed to be agreed in beforehand, especially in terms of economic instability. In such a way, the evidence of such cases as contractual unconcsionability will be considerably lower because both sides are aware of particular rules of trading cooperation. What is more, it is also worth saying that there are many ways to commit contractual unconcsionability. Thus, it is desired to improve this law with some minor but important aspect. It is quite obvious that any vague aspect of a particular law is a way for outlawed organizations to seek a meaningful defence and leave the trial with a minimum of sanctions from the side of the government.
However, my state shares the national regulatory policies of business’ law. Actually, as it was mentioned before, it is not sufficient for a drastic decrease of illegal actions towards average citizens. On the contrary, there is a little evidence of unfair trading in my state. As a consequence, the local government is not concerned about this issue too much. On the other hand, none of states or countries is totally protected from global crisis so that economic instability in the state is possible to cause evidence of contractual unconcsionabilities. Taking this into account, it is to be admitted that the problem should be solved before it actually occurs. In the other ways, recommendations, which were outlined above are desired to be implemented into the state business’ laws.
Actually, this issue concerns me because I am still in the zone of risk to become a victim of contractual unconcsionability because I am an average citizen with medium income so that exceeding returns are not affordable for me. In addition, it is also worth mentioning that some organizations are aimed at the medium class of borrowers because they are known to be less aware of such illegal actions like contractual unconcsionability. Besides that, medium class is the most widespread class, which takes different loans: it cannot afford certain cervices without borrowing but is capable of paying returns on a regular basis. All in all, I consider myself as a potential victim of contractual unconcsionability.
To sum up, it is necessary to conclude that the government does not interfere in the inner processes of any organization but regulates the sphere of business by certain laws, which are focused on preventing firms from unfair and unreasonable treatment of their customers and partners. Needless to say, that these laws are preserving a thriving state of national economy, as well. Regarding the study of the cases, it is to be admitted that the organizations were treated in accordance with current business’ laws so that they had to recover the borrowers’ costs, which have been spent on payment unexpectedly increased loan returns. Actually, the national business’ laws do not presuppose possibility of any circumstance, under which the defendant is legally approved to act in that way. Hence, it is necessary to develop a standard, which will require agreement on all aspects of unpredicted circumstances, which are possible to influence a change in loan policies.
