Purchasing and Supply Chain Management
6th Edition
ISBN: 9781285869681
Author: Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher: Cengage Learning
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Question
Chapter 15, Problem 1DQ
Summary Introduction
To determine: The necessity for managers to get knowledge about legal issues and whether possessing knowledge about legal issues is the duty of lawyers?
Introduction:
Expert Solution & Answer
Explanation of Solution
Necessity for managers to get knowledge about legal issues and whether possessing knowledge about legal issues is the duty of lawyers:
Supply managers are agents of a firm who take up the roles of procurement and purchasing. They engage in contract for acquiring materials and other products as when needed for the company. They make various contracts for which they are required to possess some legal knowledge to successfully execute those contracts.
Lawyers on the other hand can act as legal advisors for the firm and they cannot be contacted all times by the organization. So, the managers must possess knowledge about legal issues as they are a part in decision making for procurement and purchasing.
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Students have asked these similar questions
Discuss the concept of ethics. Why is the purchasing profession particularly sensitive to this topic? Why is it important for supply managers to understand legal issues? Is that not the lawyer’s job?
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Chapter 15 Solutions
Purchasing and Supply Chain Management
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Similar questions
- What are the actions that the suppliers should promote? (It should contain the relevant role of suppliers in the promotion of common good)arrow_forward1. What risk can a business face due to a supplier and explain the foloowing risk control steps that a business can put in place regarding its supplier and provide examples: Identify key suppliers of goods, services Identify key markets Investigate alternative suppliers and markets Assess the vulnerability of the supplier and market to loss of assets Assess the ability of the key supplier and market to recover from loss or damage to their assets. 2. Discuss administrative costs. Provide a practical example to explain administrative costs: Clerical costs in the handling of insurance matters The cost of handling self-insured losses The cost of reporting and investigating loss occurrences The cost of an in-house risk management department The cost of a risk management broker 3. Apply the fundamental concepts included in the definition of enterprise risk management (ERM) to a business of your choosing.arrow_forwardDiscuss the concepts of ethics. Why is the purchasing profession particularly sensitive to this topic?arrow_forward
- What Is Legal Authority and Personal Liability of the PurchasingManager?arrow_forwardDirection: Respond to the following questions with your personal insights, relate the concepts in Business laws, and answer the following questions. 1. Case study on Buyer’s breach You have ordered expensive Bisazza marble for your new house. After giving 50% advance you realized that you can get cheaper materials from another person. The materials are packed and about to be delivered, but you don’t want to pay balance. a) Analyze buyer’s breach from the above case. b) How the seller will protect himself as the materials are packed.arrow_forward
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