week 4 Discussion Questions

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Western University *

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Law

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Feb 20, 2024

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docx

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2

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After reading the Introduction, Overview, and Instructor Notes as well as the assigned chapter in the Monczka, et. al. textbook, differentiate between the Uniform Commercial Code (UCC) and the Federal Acquisition Regulation (FAR) and their individual influences in “contract law”. Contract Law defines the type of agreement between parties and how risk shifts between companies. From solicitation to contract performance, all are covered and established by the law. The UCC protects both parties when they enter a contract or an agreement from cradle to grave. On the other hand, the FAR are rules, policies, regulations, and procedures that everyone who does business with the government must follow and live by. Contrast the UCC and FAR with respect to force of law in commercial/industrial as distinct to governmental/institutional settings. The FAR and the UCC both provide rules and regulations for agencies and offer protection to suppliers and buyers in contracting and agreement matters. Contrastingly, the FAR covers and rules all federal, state, and local government agencies. The FAR emphasizes terms and regulations throughout the contracting process; from Market research to contract performance, everything is covered and outlined. The UCC, on the other hand, deals with issues between buyers and sellers in the private sector. Article 2 of the UCC outlines contracts for the sale of goods. These rules simplify the writing of commercial agreements, so they are usually flexible. Distinguish between ethical and legal principles and practices and define your concept of ethical behavior as it relates to the Purchasing and Supply Chain Management function in the private sector versus the federal public sector? Ethical principles are core values and beliefs someone has; they define how they act, what’s important, and how to carry yourself; they change from one person to another. Related to Purchasing and Supply chain management, ethical principles are moral standards set by employees within the organization. Legal principles are policies, processes, strict rules, restrictions, and regulations that are mandatory and appointed by the body of law; they are rigid and remain the same throughout the process. Briefly explain one topic or issue from this week’s material that may benefit you personally or professionally. We in the government don’t deal with and haven’t heard from the UCC. Learning more about the public sector and how things are done and managed will help me transition to a job in corporate America.
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