The bargaining zone, or zone of possible agreements (ZOPA), is the range _____. Group of answer choices of overlap between negotiators' reservation points below the seller's reservation point and above the buyer's target point between negotiators' target points above the seller's reservation point and above the buyer's target point
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- Contract management can be defined as ‘the activities of a buyer before, during and after a contract is 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. Contract activities can be split into two distinct but interdependent phases: pre-contract award/renewal and post-contract management. Contract management is command and control of the activities spanning both phases, but the potential value adding outcomes of post contract management will not be realised unless effective pre-contract management has resulted in a contract that addresses all stakeholders’ needs with the utmost professional skill. A failure in pre-contract management will result in post-contract management time and effort being wasted on trying to resolve and correct omissions and…S sold to B a specific car for P300,000 and promised to deliver on December 25. The next day, after the salewas made, he sold the same car to X and delivered it on him on the same day. If no delivery is made by S to B on December 26, which of the following is correct? A. S is not in default because there was no demand. B. S is in default, even if there was no demand.Hence, he will answer for damages.C. B can cancel the contract between S and X because the contract of S and B was perfected ahead of the contract with X.D. S is liable to B for the value of the carA cattle producer purchased an insurance contract form the USDA Risk Management Agency. The contract pays a fixed dollar amount if and only if the rainfall in the 10 by 10 miles grid surrounding the producer’s land falls below 90 percent of the historical average rainfall. According to the lecture, this is a type of _____ insurance A cattle producer purchased an insurance contract form the USDA Risk Management Agency. The contract pays a fixed dollar amount if and only if the rainfall in the 10 by 10 miles grid surrounding the producer’s land falls below 90 percent of the historical average rainfall. According to the lecture, this is a type of _____ insurance weather pure parametric aggregate loss index parametric index
- Sometimes an issur with a property is discovered during the pre-closing stage. Buyers may be willing to accept deficiencies if they an compensate through a price reduction. Which of the following is correct regarding adjusting a purchase price to offset a deflciency.Select one: O. The value of the price adjustment may become a matter of negotiations between the parties. O. A new agreement of purchase and sale must be drafted and signed to finalize the price adjustment. O. A formal appraisal is always required to determine the adjusted purchase price. O. Buyers are contractually obligated to negotiate an adjusted purchase price.You are a purchasing director for a group of grocery stores in the northeastern United States. You have signed a contract with a farmer in Illinois to provide you with a certain amount of corn for a set price. That corn is nearly ready to be harvested and sent to your stores. Title to the corn will transfer when the corn is picked and the risk of loss will remain with the farmer until the corn is delivered to your store. The first half of the payment for the corn is due in two weeks, when the corn is to be picked. You see on the news one morning that several major storms moved through Illinois overnight, and the reporters are showing and reporting that nearly all crops in the region have been destroyed. You are worried that the corn from your contract has been destroyed and you do not want to send the payment for the corn. Explain what you will do in this situation.In terms of contract law, what is meant by the phrase "meeting of the minds"? The two parties have met but have yet to agree to the terms and conditions of the contract. One party has a list of their desired terms and conditions and is ready to meet with the other party to discuss them. Both parties to the contract have a general idea of what they want but the specifics still need to be worked out. All the terms and conditions needed for full acceptance of the offer have been agreed upon by the two parties to the contract.
- Considering that you are working as a member of a construction project team of a big mall in Muscat. Your company is responsible for the site construction process of the mall. As the owner [client] of this construction project is out of the country most of the time, the client specified the requirements to the contractor, and the client would like to give the total responsibility to the contractor without any involvement in the design, manufacturing, and construction of the project. The contract strategy describes that the contractor is responsible for all of the work required. Therefore, the contractor should design, procure all parts and materials, assemble, and construct the project and handover the project to the client for operation afterward.Before the start of the work, an agreement shall be made between the client and the contractor mentioning the total cost of the project, duration and special conditions. The contractor must strictly follow mutually agreed standard form of…Albert has won two tickets in a raffle to see the latest movie at the cinema. The market price of a ticket is $20. Albert has no friends or family living near by, so he would only be using one ticket. He mentions this to an acquaintance at work, Rashid. Rashid thinks to himself that he would like to see the movie. He starts haggling with Albert over the purchase of the remaining ticket. Assuming that both Albert and Rashid are rational, self-interested people, what price will they eventually agree on? Explain your answer.Tom decided to sell his old house, and purchase a new house that is closer to his work. He put his old house on the market, and after eight months he received an offer from Jennifer. After a short negotiating process, Tom agreed on the selling price. However, because he has not purchased a new home yet, he decided to postpone the closing sale for another five months. Jennifer was not happy with Tom’s decision because of the inconvenience of having to wait that long, and the challenges of getting a bank to guarantee an interest rate for a loan that is so far in advance. To easer Jennifer’s concerns, Tom adjusted the price so Jennifer would agree with the postponement. She agreed on the adjusted price but she would have preferred to close the deal sooner rather than later. Two months later, Tom found a home that met his requirements. The seller of the house, Lisa, set the asking price at $250,000, which was $20,000 above what Tom hoped to pay but $10,000 below the most he would be…
- Trump Limited (TL) is a well-known trucking company that transports goods from the port to various destination within Trinidad and Tobago. Trump Limited is seeking a truck maintenance firm to provide routine maintenance to their fleet of 100 trucks. Putin Limited (PL) has a truck maintenance firm, who is interested is providing Trump Limited with maintenance services for their trucks. Trump Limited requested that Putin Limited makes a bid for maintenance services and on the 1st Jamesnuary 2022, Putin Limited submitted a bid for the sum of one million dollars per year inclusive of all related spare parts. On the 1st February 2022, Trump Limited informed Putin Limited that they have been selected to provide routine maintenance services for their trucks and required Putin Limited to enter into an agreement with Trump Limited. The contract was effected on 15th February and contains the following provisions/terms: • Putin Limited will provide normal maintenance to certain trucks. • Trump…Explain the three (3) types of fairness principles in distributive negotiations. Support each of your answer with an example.Strassel Investors buys real estate, develops it, and resells it for a profit. A new property is available, and Bud Strassel, the president and owner of Strassel Investors, believes if he purchases and develops this property, it can then be sold for $156,000. The current property owner has asked for bids and stated that the property will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids for the property. Strassel does not know what the competitors will bid, but he assumes for planning purposes that the amount bid by each competitor will be uniformly distributed between $100,000 and $146,000. (a) What is the estimate of the probability Strassel will be able to obtain the property using a bid of $126,000? (Use at least 5,000 trials. Round your answer three decimal places.) (b) How much does Strassel need to bid to be assured of obtaining the property? $126,000 $136,000 $146,000 (c) Use the simulation model to compute the profit…
