Neville wants to purchase computers from a seller. He has determined the alternatives in case the negotiation with the seller fails. He has laid down the ground rules for the negotiation. He has also set parameters for the negotiation process and the place of negotiation. According to the stages of the negotiation process, which of the following should Neville do next?
Richard, a supplier of synthetic fabrics, is in a meeting with a customer. Richard had expected the customer to quote a good price for his product, but the customer quoted an unprofitable price. In this situation, which of the following statements is most likely to be ineffective in getting Richard a good bargain?
Which of the following is a feature of the distributive approach to negotiation?
Integrative bargaining requires a great deal of creativity, problem-solving ability, and time, as well as a set of ultimate goals on which both parties can agree.
True or False
In the context of third-party negotiators, an arbitrator controls the process but has no control over the outcome.
True or False
The negotiation process begins with setting an agenda for negotiation.
A good rule of thumb in negotiations is to be hard on the problem and soft on the people.
True or False
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- If the seller has already sent a counteroffer to one prospective buyer and then receives another offer from a second prospective buyer that is even better: They are free to respond to the new offer from the second prospective buyer without withdrawing their counteroffer to the first prospective buyer. They should withdraw the counteroffer to the first prospective buyer before responding to the new offer from the second prospective buyer. They must tell the first prospective buyer about the new offer from the second prospective buyer and give the first prospective buyer an opportunity to match the new amount. They cannot do anything until they hear back from the first prospective buyer +arrow_forwardFourteen applicants for a city of Providence, Rhode Island, police academy training class each received from the city a letter stating that it was a "conditional offer of employment" subject to successful completion of medical and psychological exams. The 14 applicants passed the medical and psychological exams. However, these applicants were replaced by others after the city changed the selection criteria. Can you identify an offer and acceptance in this case? Can you make out a bilateral or unilateral contract? Why or why not? Provide a rationale or explain how you came to this conclusion. What is the moral of the case? Lessons Learned? Affects to the 14 applicants?arrow_forwardA 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 indexarrow_forward
- 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.arrow_forwardWhich of the following is the NOT True of the first transcontinental railroad? The route choosen was through the southern part of the U.S to avoid winter snows. It was completed in utah. Many immigrants, notably from china to irelandworked on the railroad. The federal government heavily subsidized its construction. Private companies built the railroad. Upon completion the owner of the railroad was the federal government through its operattion was granted to private companies.arrow_forwardCan you please explain the meaning of a win-win negotiation and its characteristics?arrow_forward
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