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- S1: Cost plus contract is a contract used on long term construction contracts in which the contractor agrees to a contract price that is fixed, either at the inception or at a fixed rate per unit of output, which in some cases may be subject to cost escalation clauses.S2: Variable contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee * A. Both are true B. S2 True; S1 False C. Both are false D. S1True; S2 FalseS1: Cost plus contract is a contract used on long term construction contracts in which the contractor agrees to a contract price that is fixed, either at the inception or at a fixed rate per unit of output, which in some cases may be subject to cost escalation clauses. S2: Variable contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee. A. S2 True; S1 False B. S1 True; S2 False C. Both are false D. Both are trueQ5b) Please provide detail write up for the following business law question Dudu has purchased some wooden utensils from Lodo. However, he discovers some crackson the utensils after few days of usage. Advise Dudu as to whether he is entitled to anyrefund from Lodo.
- S1: Cost plus contract is a contract used on long term construction contracts in which the contractor agrees to a contract price that is fixed, either at the inception or at a fixed rate per unit of output, which in some cases may be subject to cost escalation clauses.S2: Variable contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee S1 True; S2 False Both are true Both are false S2 True; S1 FalseQuestion 25 A buyer is entitled to the remedy of specific performance when: the contract requires delivery in installments. the contract is for goods where the price is $500 or more. the contract is for unique goods. the contract is between merchants.A prenuptial contract must be in writing. Question 16 options: True False Some offers will never expire unless expressly withdrawn by the offeror. Question 17 options: True False The Statute of Frauds covers contracts that require performance within 6 months or longer of execution. Question 18 options: True A guaranty type contract, where a 3rd party guarantees the payment for another, must be in writing. Question 19 options: True False Consideration has to be a negotiated benefit or detriment to both Parties to be valid support of the contract. Question 20 options: True False
- A prenuptial contract must be in writing. Question 16 options: True False Some offers will never expire unless expressly withdrawn by the offeror. Question 17 options: True False The Statute of Frauds covers contracts that require performance within 6 months or longer of execution. Question 18 options: True A guaranty type contract, where a 3rd party guarantees the payment for another, must be in writing. Question 19 options: True False Consideration has to be a negotiated benefit or detriment to both Parties to be valid support of the contract. Question 20 options: True False The duty of restoration is to protect adults that enter into contracts with children.S1: Cost plus contract is a contract used on long term construction contracts in which the contractor agrees to a contract price that is fixed, either at the inception or at a fixed rate per unit of output, which in some cases may be subject to cost escalation clauses. S2: Variable contract is a construction contract in which the contractor is reimbursed for allowable or otherwise defined costs, plus a percentage of these costs or a fixed fee. S2 True; S1 False S1 True; S2 False Both are false Both are trueGeoff Gullo owns a small firm that manufactures “Gullo Sunglasses.” He has the opportunity to sell a particular seasonal model to Land’s Start, a catalog retailer. Geoff offersLand’s Start two purchasing options.• Option 1: Geoff offers to set his price at $65 and agrees to credit Land’s Start $53 foreach unit Land’s Start returns to Geoff at the end of the season (because those unitsdid not sell). Because styles change each year, there is essentially no value in thereturned merchandise.• Option 2: Geoff offers a price of $55 for each unit, but returns are no longer accepted.In this case, Land’s Start throws out unsold units at the end of the season.This season’s demand for this model will be normally distributed with a mean of 200and a standard deviation of 125. Land’s Start will sell those sunglasses for $100 each.Geoff’s unit production cost is $25.a. How much would Land’s Start buy if it chose option 1? b. How much would Land’s Start buy if it chose option 2? c. Which option will…
- Subject: Procurement & Sourcing Q): How contract is establish? Q) What are the main terms of contract?Question 1 Read the following extract and then answer the questions below.Part A Mr. Baeti has been engaged by Local Enterprise Authority (LEA) as a consultant. He is tasked to carry out a workshop for LEA beneficiaries and the objectives of the workshop is to teach or equip members with knowledge how the contract of Agency can be authorised in order for it to be in place. The reason for this is that LEA members are struggling to reach out to their customers and grow their business. Mr. Baeti wants to teach the members about the various sources of authority that may lead to the existence of an Agency. What are those available authorities that Mr. Baeti should teach these LEA members about? In doing so and where necessary, Mr. Baeti should give examples of relevant cases to support his answer. Explain in detail what Mr. Baeti should discuss with LEA members Part B Assist Mr. Baeti to list 5 duties of an agent.QUESTION 28 Time and material contracts are used_______? a. as a substitue for Fixed-price-incentive-fee b. when cost rates and volumes are unknown c. when cost rates are known and volumes are unknown d. as a substitue for Cost-plus-fixed-fee