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 4DQ
Summary Introduction
To determine: Upon engaging in a verbal agreement with someone on the price of purchasing a vehicle, mention the conditions which made to make an enforceable contract with the purchaser.
Introduction: Agreements between two parties for exchange of goods or services is called as a contract. The contracts can be either in written or verbal forms.
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Give an example of a contract that is illegal in Florida but legal in some other states in the United States.
Identify from the following the term that refers to an exchange of values between the two or more parties involved and ownership also changes hands between the seller and the buyer.
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Transaction
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Chapter 15 Solutions
Purchasing and Supply Chain Management
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Similar questions
- What would happen if a contract was not signed by the buyer and the seller?arrow_forwardHow can a sales or lease contract be effectively managed to ensure mutually beneficial outcomes for both parties involved?arrow_forwardDiscuss five (5) circumstance each, that could cause termination or renewal of contract between two parties (buyer and supplier).arrow_forward
- Suppose a supplier gives you a price on a contract and then later comes back and claims that he mistakenly wrote down the wrong price. Do you have the right to sue the supplier over breach of contract? What conditions are important here? In addition, summarize the three methods of contract cancellations. Describe the remedies and preventative steps you could take in the scenario above.arrow_forwardWhat are the key elements that should be included in a sales or lease contract to ensure both parties understand their obligations, rights, and responsibilities, and to minimize the risk of disputes or legal issues arising during the agreement?arrow_forwardEvery transaction in business creates a contract (agreement) between the parties. To determine whether a valid, enforceable contract exists, certain questions must be answered. Discuss what conditions must take place in order for a contract to be valid, and provide some examples of where contracts come into play in daily life.arrow_forward
- What are the advantages/disadvantages of the UCC? Describe how the UCC makes (or does not make) a party free to contract.arrow_forwardContract management can be defined as ‘the activities of a buyer before, during and after a contractis signed, to ensure that all parties to the contract understand and fulfil their contractual obligations’.Contracts may be for specific projects or for the supply of good or services over a period of time,typically between one to three years depending upon circumstances and objectives. Contractactivities can be split into two distinct but interdependent phases: pre-contract award/renewal andpost-contract management. Contract management is command and control of the activities spanningboth phases, but the potential value adding outcomes of post contract management will not berealised unless effective pre-contract management has resulted in a contract that addresses allstakeholders’ needs with the utmost professional skill. A failure in pre-contract management willresult in post-contract management time and effort being wasted on trying to resolve and correctomissions and failures of the…arrow_forwardProduct should have exchange value and must be capable of being exchanged between seller and buyer for a mutually a. Agreed price b. Exchange Value c. Value satisfaction d. None of these.arrow_forward
- What is the role of contracts in business transactions, and what are the key elements of a valid and enforceable contract?arrow_forward43. When does the buyer obtain real right over the fruits of the determinate thing sold in a contract of sale? Group of answer choices From the moment of actual delivery of the fruits of the determinate thing sold From the moment of constructive delivery of the determinate thing sold From the moment of perfection of contract of sale From the moment of full payment of the pricearrow_forward
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