Purchasing and Supply Chain Management
6th Edition
ISBN: 9781305809789
Author: MONCZKA
Publisher: Cengage
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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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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.
Exchange
Activity
Credit
Transaction
Locate the doctrine in the UCC and describe “accommodation" in your own words. Be sure to provide a definition that is applicable in relation to the sale of goods and contracts.
Now, apply the doctrine to the hypothetical below:
You own Bo’s Garden Supplies and have used Mick’s Manure as a supplier for several years. Exchanging email, you and Mick agree that he will ship the usual 50 bags of manure around April 1st. On March 30th, he emails you to say that there was a shortage of full-size manure bags so 100 bags, totaling the same amount of manure, are on their way and will be there as of April.
Is Mick in breach of contract? Why or why not? Please explain.
What are your legal options?
How can a sales or lease contract be effectively managed to ensure mutually beneficial outcomes for both parties involved?
Chapter 15 Solutions
Purchasing and Supply Chain Management
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Similar questions
- What 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_forwardConsideration in contract terms, refers to a party's competency to enter into a contract. True/Falsearrow_forwardDeep South Imaging Inc., a US company enters into an agreement with Cortez Health Systems, a Mexican company. The agreement calls for Deep South to purchase 5 new MRI machines at a price of $20,000 each. The contract calls for delivery to Deep South's headquarters in Mobile, Alabama. The contract is silent as to risk of loss. When the goods arrive, Deep South is upset to see that two of the machines were damaged in transit. Deep South informs Cortez that it will not pay for the broken machines. If Cortez sues Deep South, it will likely A. Win, because the UCC requires deep south to pay pay for the goods B. Lose, because MRI machines are related to a service and therefore are not covered by the CISG C. Win, because damage to the goods does not give the buyer the right to not fulfill its payment obligations D.arrow_forward
- As a seller, which of these contracts would you prefer? Which contract would ensure that you can maximize your profits and keep your costs as low as possible? Cost Reimbursable Time and Material Fixed pricearrow_forwardWhat is the role of contracts in business transactions, and what are the key elements of a valid and enforceable contract?arrow_forwardNon-compete agreements are typically held to be illegal in most states. True Falsearrow_forward
- Suppose you are starting a new outdoor adventure business. You enter into an agreement with your best friend who sells camping tents wholesale for the purchase of 100 tents to be delivered to your retail storefront on Friday. Because you are best friends, you do not bother to negotiate any terms other than price and delivery date. Suppose that your best friend sends you the wrong tents instead, and 15 of them are damaged. Must you accept the tents? What are the legal options for you? What are the parties’ rights and responsibilities regarding the sale? Who will bear the risk of the lost?arrow_forwardYour auto insurance company has offered you a 15 percent discount (roughly $200 per year) if you agree to let them install a sophisticated vehicle event data recorder (EDR) in your car. You have read over the terms of the agreement and discover that if you are involved in an accident, you must agree to let the data from the device be collected and analyzed by a third-party accident investigation firm. You must also agree to let findings from this analysis be used in a court of law. What questions would you want answered and what advice might you seek before deciding whether to accept this discount offer?arrow_forwardIf a contract was found to be ambiguous, would you rather be the person who wrote the contract or the person who received the contract?arrow_forward
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