Business law

Scenario: Your good friends, Jack and Tom, have just met with their company’s accountant. They have received bleak news about their profits for last year. Jack and Tom have needed to upgrade their equipment but haven’t had the money. They have recently had a small fire in their warehouse. In reviewing the documents, they realize that their insurance company will pay for the replacement of many of the operational tools even though they weren’t damaged. Jack and Tom realize that the forms completed by their warehouse supervisor were not completely accurate although the forms contain no outright lies. Jack and Tom’s insurance company has sent them a letter that has scheduled an arbitration to set the insurance payment that will be made to themJack and Tom are your best friends and invite you to lunch to discuss these issues and get your advice.Take a position on whether you would revise the forms – explain why or why not.Define arbitration and explain how it would work (the foundation of this information must come directly from the textbook. You may use outside sources to elaborate, if necessary).Research and identify a case, company or situation that used arbitration to successfully resolve this situation. Discuss the facts of this case.Explain what ethical theories the warehouse manager is likely to use to support his/her actions.Explain what ethical theories Jack and Tom should consider to refute the warehouse manager’s actions.Be sure to provide in text citation and source information in APA format including a working URL.Review the rubricPreview the document before submitting the assignment. This assignment will be submitted using the Turnitin originality check for more information on Business law check on this:https://en.wikipedia.org/wiki/Category:Business_law