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Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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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.
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- discuss w hat are the remedies available to buyers in case of breach of contract by seller?arrow_forwardUnder the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractarrow_forwardMiss Cora Cruz would like to buy products from the company of Aurora P. Tan. To make sure that the supplier will not commit a mistake in the delivery of the said product/products, she specifically mentioned the details in her letter. If you are to be asked, what kind of business letter you will use for this particular purpose? Direction: Write a business letter intended for this transaction. Assume that you are Miss Cora, and the reader is : Dr. Lorna R. Dimatatac, President, TIP Teachers and Employees Credit and Savings Cooperative, 938 Aurora Blvd, Cubao, Quezon City. The following should be considered in your letter: 1. Name of the Articles ordered 2. Description of each item, giving size, style, quality, quantity, material, weight, or whatever will help in identifying the article wanted 3. Catalog number of the item if it available, if not, the page number of the catalog 4. Quantity of each item wanted 5. Price of each item, and the total price of the order 6. Method of…arrow_forward
- What risks do buyers associate with each of the different types of contracts (fixed-price, incentive, or costs contracts)?arrow_forwardExplain the concept of contract law. What are the essential elements of a contract, and what types of contracts are enforceable? What remedies are available for breach of contract, and what steps can a business take to minimize its liability for breach of contract?arrow_forwardWhat are the essential elements of a valid contract under business law, and how do they contribute to the enforceability of the contract?arrow_forward
- The UCC has replaced the common law concept1 The UCC has replaced the common law concept of title in part with the concept of risk of loss.2. True or False: If goods or tender of delivery fail in any respect to confirm to a contract, the buyer or lessee loses the right to accept the goods.3. True or False: If a lessee is insolvent, a lessor can stop a carrier or bailee from delivering the goods regardless of the quantity shipped.4. City Cab Company and Dave’s Autos enter into a contract for a sale of motor vehicles. City assures Dave’s that it has valid title to the vehicles. Under the UCC, warranties of title arises:a. Automatically in most sales contracts.b. Only if the buyer asks for such a warranty.c. Only if the seller expresses such a warranty.d. Only in conjunction with lease contracts, not sales contracts.5. Concrete Products, Inc., assures Deepwater Construction Company (DCC) that Concrete’s cement will not crack within a…arrow_forwardYou've read about the statute of frauds and how it requires certain agreements to be in writing (remember the acronym MYLEGS). Thinking about all contracts, do you think that all contracts should be in writing? Or do you think this would hinder or slow down transactions? Please discuss your thoughts on these questions while keeping in mind the purpose behind the statute of frauds.arrow_forwardWhat is the purpose of the "Pair and Set" clause in a Property insurance policy? OA) It obliges the insurer to pay a total loss if any item of a pair or set of items is lost or damaged. OB) It limits the liability of the insurer to not more than 25% of the total value of a pair or set that is lost or damaged. OC) It protects the insurer from having to pay for a total loss when only part of a pair or set is lost or damaged. OD) It warrants that earrings of precious or semi-precious stones are properly set in their mounting, failing which no loss will be paid by the insurer.arrow_forward
- 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.arrow_forwardWhat is the legal definition of a contract and what elements are necessary for a contract to be valid and enforceable?arrow_forwardDescribe the requirements of a valid contract. If a contract is written unclearly, what happens? Please provide examples to illustrate your points.arrow_forward
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