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How can a contract be legally valid?

A contract can be legally valid when it meets the requirements of the law; it is binding upon its parties and legally enforceable in a court of law. Pozagar (2012) says that to be a valid contract the purpose of the contract must not be against state or federal policy and must not violate any statute rule or regulation.

When is a contract voidable?

A voidable contract is one in which one party, but not other, has the right to escape from its legal obligations under the contract. Pozagar (2012) says that it is considered to be a voidable contract at the option of that party.

What happens when one of the parties cannot perform the obligations written in the contract?

When a party cannot perform the obligations of a written contract that person could be liable for consequential as well as general damages (Pozagar, 2012). Monetary damages should be awarded in an attempt to restore to the aggrieved party the money that it would have had if the other party had performed its obligations as outlined in the contract (Pozagar, 2012).

Develop a plan for compliance with the Sarbanes-Oxley Act (SOX) in a hospital setting.

The Sarbanes-Oxley Act (SOX) requires certification of financial reports by chief executive officers and chief financial officers. Pozagar (2012) says that there should be criminal and civil penalties for securities violations. In a hospital setting, the Sarbanes-Oxley Act (SOX) requires prohibition on insider trades during pension fund black out periods (Pozagar, 2012).  The Sarbanes-Oxley Act (SOX) requires that the hospital to provide public reporting of the hospital’s chief execu5tive officer and chief financial officer compensation.

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How can employees become knowledgeable with the major provisions of SOX?

Employees can become knowledgeable with the major provisions of SOX through the availability of code of ethics and standards documents in the public reports of the hospital or healthcare facility (Pozagar, 2012). The Sarbanes-Oxley Act (SOX) provisions should be posted in the organizations website whereby all employees can access the standards.  

How can top executives comply with the major provisions?

Top executives can comply with the provision of the Sarbanes-Oxley Act (SOX) through vouching the financial reports of their hospitals. Pozagar (2012) says that top executives can comply through focusing attention on processes and controls that support accurate financial reporting through documented policies and procedures. SOX requires chief executive officers to promote due diligence and constantly monitor the organizational culture. The Sarbanes-Oxley Act (SOX) requires top management in hospitals to adhere to the highest of ethical standards, provide cost-effective care, fairly and accurately represent the hospital capabilities when treating a patient’s ailments (Pozagar, 2012).

How can conflicts of interests in the organization be observed?   

Conflicts of interest in the organization can be observed through building a strong knowledgeable governing body within the organization. The body should continuously search and resolve conflicts of interest in the organization. Pozagar (2012) indicated that the management and top executives’ responsibility is to keep the conflict of interest as insubstantial as possible and assist in finding methods of preventing behavior that is antagonistic to the best interests of patients and the organization.      

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