: Ethical ChallengesDue Date: Wed, 3/1/17Grading Type: NumericPoints Possible: 150Points Earned: 0Deliverable Length: 4-5 pagesView objectives for this assignmentGo To:Assignment DetailsScenarioLearning MaterialsReading AssignmentNote: All character and -company names are fictional and are not intended to depict any actual person or business.Part I:View problem scenario A to learn more about Bill and Joe’s relationship. This scenario provides key information in helping formulate answers for assignments in Phases 1 and 2.Joe has scheduled a meeting with his management team for next week to talk about the Peninsula Hotel chain contract. He hopes that he will be able to work with them to draft a contract favorable to Peninsula that will ensure its renewal for another year. He is reasonably sure that the contract renewal will ensure his continued success, and employment, with UWEAR.On his way out of the office today, Joe receives a call from Bill.Bill: “Joe, how are you doing? Got any great plans for the weekend?”Joe: “No, my wife and I are just planning on hanging out at home and relaxing. How about you?”Bill: “My family and I are planning a short trip on the yacht. We haven’t been out in a while, and the weather looks perfect. Maybe you and your wife could join us? We haven’t seen you guys in quite a while, and it will be good to catch up.”Joe is relieved to get the invitation from Bill because their relationship has been strained lately because of the contract negotiations. Answer the following:What should Joe consider about this invitation?Who are the stakeholders in this situation?What are the potential outcomes to this situation?Part II:View problem scenario A to learn more about Bill and Joe’s relationship. This scenario provides key information in helping formulate answers for assignments in Phases 1 and 2.Joe must decide how he will answer Bill’s invitation to join him and his family on their yacht. Complete the following in a paper of 2–3 pages:How should Joe respond to Bill’s invitation?What ethical theory supports how you think Joe should respond to this invitation?Why would you use this theory?What might others with a different view than yours say in this situation?How would you refute those opposing perspectives?Is there a compromise or creative solution to this problem?If so, what is it?Why is it feasible?