Essays on Seller

Abstract

This paper explores such questions as the definition of letter of credit, its type, the use of these types ate mentioned. The point of using letter of credit is studied and the work of this mean of payment is described. The advantages and disadvantages of the main types of letter of credit for sellers and buyers are considered. Keywords: letter of credit, issuing bank, advising bank, seller, buyer, bill of lading, commercial invoice. As a very common way of international payments that causes the risks of transactions to be divided between the buyer and seller Letter of credit ...

Seller: Robert Riddell

3310 Gilbert Drive

Liberty, Texas 75007

Buyer: Billy Wayne Johnson 2244 Shady Trail Liberty, Texas 75007

Property: A. LAND: Lots 2 & 3, Block B, First Liberty Subdivision

635 Wishbone Street

Tallulah, Texas 75007

*Recorded in vol. 18, page 28 of the Real Property Records, Cinco County, Texas

B. IMPROVEMENT: A small building attached to the above-described property

Earnest Money: $10,000 Cash to be delivered by the Buyer to the Title Company upon full execution and within two days after the effectivity of this contract. Failure of the Buyer to do so will render him in default. 535 State Ave FOR TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE ...

Part One: Advice to Cecil

Introduction The case falls within the province of the Sale of Goods Law. The facts of the case are that Sven, the seller tendered for the transit of goods, the goods being 10000 cans of beetroot and 5000 cans of carrots. The goods were transferred in carriage by a carrier, the Maid of Orleans under the management of Pierre. During the transfer of the goods, the seller, Sven entered into a contract of sale with the buyer, Cecil. Cecil consequently received ownership of goods through a sale by description which in the same vein falls under a future sale. In overall, therefore, ...

Introduction

In any market condition, information plays a critical role in structuring the demand and supply forces. All other things being constant, perfect and complete information to both buyers and sellers ensures that price determination takes place at a point that provides maximum benefit to the society as a whole. In such cases, the buyers or the sellers cannot influence the price. This scenario ensures equitable distribution of benefits to everyone in the society. However, perfect information is a characteristic of an ideal perfect market alone. It is not experienced in real life scenarios. Information asymmetry is a common phenomenon in the real life imperfect ...

Introduction

The paper focuses on Hire Purchase (HP) activity and its relationship to the legal environment. Understanding how business law operates proves essential for understanding the whole concept and guidelines within HP agreements. Commercial activities thrive in environments guided by legislation to enhance smooth performance, as well as maintenance of contracts by the parties involved in the business transactions (MacIntyre 65). Business law primary concern relates to the creation of new companies as well as dealing with the issues arising from the existing enterprises in the process of interacting with other business organizations, the public, and the government. The area ...

The Strengths of the Walmart

The Walmart is the largest retail seller in the world. The Walmart Company has invaded all the North America and spread to the other countries all around the world. The Walmart has got its markets in the most suitable locations in many towns. Also considering that the Walmart buys goods in very large amounts, the Walmart provides the best pricing for the customers. Selling a large range of products attract many customers to the company. Also the company can create the best pricing strategy by implementing different prices for different products. In another word, the price changes in the Walmart ...

REAL ESTAST CONTRACTSeller: Robert Riddell3310 Gilbert DriveLiberty, Texas 75007Buyer: Billy Wayne Johnson2244 Shady TrailLiberty, Texas 75007Property: 635 Wishbone StreetTallulah, Texas 75007Earnest Money: $10,000 Cash delivered to the Title Company upon full execution.Title Company/Escrow Agent: Eastland Title Company535 State AveLiberty, Texas 75007FOR TEN DOLLARS AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS:1. Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the Property for a purchase price of $124,000 ($175,000) to be payable at closing which shall occur on the first ...

Assignment 1:

The main learning objective for this past week was to study the process involved in planning the procurement of materials that are meant to be used for the completion of a certain project. During the study, a detailed analysis was carried out on each individual process that comprises the the procurement process of a certain project. Before delving into discussions on what factors are considered when coming up with plan for procuring the materials required for a project, we began by understanding the meaning of a project’s procurement process. The discussion on the broad meaning of what is a project procurement process, was ...

Introduction

Procurement Management is acquiring of goods and services effectively from an outside organization and gaining maximum benefit to the organization in question for the intended project. (David I. & Roland, G. 89).To add on to that project procurement management also helps in maintaining good relationship between the buyer and the seller. Since a contract is a legally biding agreement between two or more parties, it should include documentation. The procurement part of it deals with acquisition or obtaining what is needed. In any contract, both parties involved should agree to do or supply whatever planned to do in written form. There ...

Book Review - Secrets of Power Negotiating: Inside Secrets from a Master Negotiator

The book’s name is Secrets of Power Negotiating: Inside Secrets from a Master Negotiator. It was written by Roger Dawson. The book serves as a guide on “How to” negotiate. Dawson has provided with a set of criteria that makes a negotiation successful and guidelines on how to achieve it. This paper provides a book review of the book, focusing on the five main ideas presented by the books in different chapters.

One of the foremost ideas presented by Dawson is “Never say yes to the first offer”. The author discusses this idea in the first chapter. This chapter provides the ...

About the paper

In the words of eminent economist, A.A. Cournot, ‘’ The term market structure refers to the nature and degree of competition in the market for goods and services’’, and this paper is commissioned to discuss various forms of market structure, Perfectly Competitive, Monopoly, Monopolistic and Oligopoly, and how their varied characteristics affect the life of an average consumer and the society as a whole.

Perfectly Competitive Market

In the words of A. Koutsoyiannis’’ Perfect competition is a market structure characterised by a complete absence of rivalry among the individual firms.”

Below discussed in detail are the multiple characteristics of perfectly competitive market:

i) Number and nature of sellers A perfectly competitive market structure is characterized by large number ...

The respondent`s argument that in commodities trade any deviation from the contract is considered to be a fundamental breach, thus giving the possibility to avoid the contract, is without merit. The contract between claimant and respondent does not have any characteristics inherent to a commodity trading; the transaction itself is inconsistent with the requirements of commodity market. Commodities are substitutable goods produced by large number of producers in bulk quantities (Windsor, 2010). Coltan, on the other hand, is not a commodity; it is a non-substitutable material produced by a limited number of producers and used for the production of electronic devices.(Tercero, ...

- 2.2: Advice - (a). What it should do about the Timms Lease; While chase was making the purchase contract with the smiths, it was not informed of the additional two years of Timm’s lease. Chase has the mandate to sue Timm and prevent him from interfering with the property since they already owned the land, and while performing due diligence, the land had no complications and the process was clear. The reason the company performed due diligence was to avoid situations such as this. Timm being in an unwritten agreement is in no way able to ...

Introduction

In the advent of technology, many companies are engaging in international business. International markets present lucrative opportunities for companies where domestic markets are mature or saturated. However, international business also presents a challenge as the laws governing contracts and sale of goods vary from country to country. It is fundamental for all business managers to understand the intricacies governing the sale of goods and contracts in order to avoid the legal burden and negative publicity associated with breach of sale of goods contacts. Legal proceedings take time, are expensive, and bring bad publicity to the company thus should be avoided ...

Introduction

A contract can be defined as a relation between two parties, who enter into an agreement that will be bidding to them and enforceable by law. The consent of the parties should be a voluntary affair. There are various categories of contracts. The following cases studied below fall under the category of a sale of goods contract. For a sale of goods contract to be legally binding to the two parties, it must fulfill all the legal requirements of a valid contract. This means that there should be adherence to the requisite elements which include an offer, an unequivocal acceptance, and intention between the ...

E-commerce, or electronic commerce, is the new business model that came with the Internet. It emerged as a new platform for business ventures with the aid of the newest technologies to everyone. In line with this, online auctions have also become apparent. Online buying or shopping is now the easiest way to acquire items. Online shops like eBay and Yahoo! enabled millions of bidders from around the world to join auctions. However, even if the internet revolutionized the auction world, it has brought some drawbacks such as reduced information transfer between seller and buyers. Fraud increased with the onset of ...

Introduction

Consumers are relatively volatile especially in as far as purchase of commodities and properties is concerned. The problem is further exacerbated by the fact that there are innumerable agents that come up with sweet words to woo as many customers as possible. One fact that is emergent is that these agents are paid on commission and thus the higher the number of their individual sales, the better the wages due to them. With this in mind, some agents have gone ahead to maliciously sell properties to consumers, which later became a problem to the sales firm leading to many lawsuits ...

Domestic Sale of Goods

The selling of goods in the United Kingdom (UK) and the binding contract between both (seller and buyer) are regulated by The Sales of Goods Act (1979) together with its later Amendments. A contract for the sale of goods provides that the transfer of goods for the seller to the buyer will only be complete through money or consideration transaction also known as the price. In some instances, the contracts for the sale of goods will have additional terms and conditions that are super-imposed to the general rules that are applicable to specific contracts. These contracts include sale of ...

International Sale Documents

Introduction Right paperwork and documentation during importation and exportation is very crucial. Inaccurate or lack of documents can lead to many inconveniences that may include delays, increase in trade costs and rejected deals. When participating in international trade, it is crucial to ensure the right documentation is applied. The correct type of documentation plays a very significant role in both receiving and making payments. By following the right paperwork, the risks facing the customer paying for the goods are reduced. The risk of the supplier failing to deliver the goods or services is also reduced. With the right documented ...

Introduction

Many people have participated in the development of heuristics for systems to check acceptability for the user of system, one of the best source for this purpose is Nielsen’s Heuristics. Rolf Molich and Jakob Nielsen developed heuristics which were mostly used in the field of user interface design. Nielsen in 1994 refined the list by evaluating sets of heuristics. Nielsen’s Heuristics includes ten points to find out acceptability of user interaction of any system. These points are followings

2- Comparison between real world and system 3- User control and freedom to use 4- Consistency and ...

Statute of Frauds

In Quality Pork international v. Rupari Food Services, Quality Pork International, a Nebraska corporation, filed a suit in 2000 against Rupari Food services, a Florida corporation, to recover the costs of the goods of a third shipment ( 44,051.98 ) to a third party, Star Food International, and to receive the payment from Rupari Food services.

The original agreement was arranged under an oral contract by Midwest brokerage. Rupari billed Star Food International for the 3 shipments but paid Quality Pork International only for the first two shipments arguing that there was no formal agreement between Quality and Rupari as required by UCC S 2-201. ...

Part A

Facts In the following case, two persons purchased a defective smartphone Samsung S4 and experienced the same overheating problem. Ashley Adams left his smartphone plugged into electric socket. When he returned, he found out that the phone had overheated and exploded, burning the bed sheet. An independent expert stated that overheating occurred because of the defect in the phone. However, Samsung, after a technical investigation found signs of internal corrosion on the circuit board and charger port, which was caused by liquid contamination. Samsung stated that liquid contamination could in rare instances cause the overheating of charger port. ...

This is a bilateral agreement entered into betweenandas of today The seller referred to hereby is a business person operating a business retailing in mobile phone accessories in the state of California. The buyer hereby referred to is a student at the University of California. The contract regards the sale of a mobile phone.

With regard to this mutual covenant, the parties agree as follows:

The seller agrees to transfer to the buyer, possession of a mobile phone, Nokia Lumia 520, on hire purchase terms, at a hire purchase price of $190, upon payment of a deposit amounting to $85.

Terms of installment payment:

After payment of the aforementioned deposit, the buyer agrees to further pay equal monthly installments amounting to $17 ...

Executive summary

Technology is an ever-advancing concept. As it changes, many things change along with it. One of those things that do not remain constant when technology changes, is business. The way in which business is done is influenced largely by changes in technology. Notably, business is now a global idea. Even the small and medium sized corporations are going to the international scene with an aim of expanding their market and accessing new ideas on the global scene. This has given birth to a concept that is becoming a household name in any countries – ecommerce. Ecommerce is a way of trading, just like the ...

Executive Summary

Conventional banking is based on the issue of interest. However, most religious teachings, including Islam, are for the opinion that charging of interest is wrong and should not be prohibited. However, most of the modern banking systems are based on this principle. To steer away from this, the Islamic banking has derived ways of avoiding interest charges. One of these is the use of Murabaha. The essay below looks at the differences between the Murabaha and conventional loans.

Introduction

According to Hanif (2011, p.170), the trend in the modern banking system in which interests are charged is unacceptable to most ...

Business – to – Business Exchanges

Business-to-business (B2B) exchanges are a business model involving two organizations engaging in business activities which generally utilizes online networks (Kenjale, 2012). This is common to companies that serve as suppliers for another company. It involves a procurement process that follows an information gathering stage, transaction negotiation stage and the settlement stage. Three types of B2B exchanges exist which exemplify the relationship between the seller company and the buyer company, namely: new buy, modified rebuy and straight rebuy. All three utilizes the internet in the conduct of the business. (Kurtz, 2010) New Buy is a situation where a company makes a purchase from another ...

Sales and contracts

In the business world, some companies to lease goods from the businesses that have already purchased the goods rather than purchasing themselves. Leasing basically involves the transfer of possession from one owner to the lessee. The rights of a person are different from the rights of a person who have purchased the goods. The lesser of good have the right for the consideration and the good have to be returned at the end of the lessee period.

A merchant is an important person under the uniform commercial code. In article two of the UCC; it is clear that merchants are very ...

Business Report based on Excel Sheet workings and calculations

For the application of this paper, it is required that a comparative study in different scenarios be conducted to understand the implications of economic models and pricing theories on two products – brand X and brand Y. The data for this paper has been collected from actual supermarkets and by using analytical techniques it would be seen how the marginal cost, revenue and other economic functions react when the market scenario changes. These two brands – X and Y, are available in two versions, one is the regular version and the second one is a light version or the lite version. For ...

The fundamental rule of economics is that it is a study of interaction of various market forces for utilization of the limited resources towards the satisfaction of unlimited demands of the society. The interaction and power of the forces of demand and supply determines the nature of the market. Microeconomics is the study which deals with the interaction of the individual demand and supply forces. The nature of such interaction and the relative influence of demand and supply forces would determine the kind of competition that exists in the market i.e., perfect competition or imperfect competition. The paper has been ...

Law governs many different areas of business. The study of business law also involves acquainting oneself in ethics applied in decision making. Moral minimum is standard for ethical business behaviour and means compliance with the stipulated law. The law does not evolve simultaneously with global advancement and for these reasons; we have grey areas in the law. This area is when the law is quiet on the legality of an action. Many diverse laws affect a single business transaction. Organizations and service providers owe a set of ethical duties to shareholders, suppliers, community, employees and most importantly its customers. When these ...

The first person logs into the site and heads straight to the buying section and lazily scroll through as if he is looking for nothing specific at first. The user is relaxed and seems to be in no hurry to settle on one commodity. He then looks for other better deals by looking at the various offers available. The eBay user seems to be very keen on checking on the postage cost. The user does not use the sellers section at all. He says he only buys on eBay and has never had the experience of being a seller ...

Introduction

The Uniform Commercial Code (UCC) is a law adopted by US legislators, which is concerned with many commercial issues, covering sale of goods, banks and securities interest. However, it does not apply on sales of real estate sale, security interest, employment contracts, marriage settlement and contracts involving labor.

The Crazy Jill

The proposal by a merchant to contractor to sell a good at a given stipulated terms and conditions is an offer. An offer goes hand in hand with acceptance; acceptance terms do not vary with the offer’s terms. If the acceptance terms vary with the offer terms, it will then not regarded as acceptance; ...

Question 1: Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class? Opportunity cost refers to the cost of a lost opportunity when one decides to forego it. Essentially, it denotes the benefit that one will lose from choosing one alternative over the other. The opportunity cost of attending college will be the income I would have earned from being formally employed or being an entrepreneur. The opportunity cost of coming to class is the fun that I would from going to a recreational park or a movie or ...

e-Bay case study

Introduction

eBay is an online seller. There is no need for intermediary in this type of business. It’s an ecommerce seller. There is a direct sale from seller to customer. All the activities of an intermediary are undertaken by the company itself.

Channel of distribution feasible for eBay

Producer consumer This is because eBay operates on a direct channel of distribution. Here the producer is selling directly to the consumer without the help of intermediaries. Direct channel involves selling face to face, or sales through computers or mails, etc. but there is no involvement of any distributor or any intermediary. There is just ...

Introduction

There are various forms of market. Each has their own set of characteristics such as the number of sellers, the level of competition, the response of the market to every decision made by the sellers and vice versa, and basically all sorts of factors that come into play whenever we talk about microeconomics. Market structure, in economics, is the term used to describe the varying number of firms that produce the same or identical products and line of products. Monopolistic competition, oligopoly, duopoly, monopsony, oligopsony, and perfect competition are all types of market structure and to be able to ...

Abstract

Warranties are present in the sale of goods or services. When statements are made expressly they give rise to express warranty. When statements or promises are not expressly made rather they arise from the situation of the sale it is an implied warranty. Warranties can be disclaimed by the choice of words used by seller. An express warranty arises from statements of fact made by the manufacturer to the buyer. These statements are expressly made to customer, mostly done in writing. The warranty is made by seller to buyer when he makes the affirmative statement or promise. The ...

Introduction

The Australian Accounting Standards Board (AASB) creates standards regarding Accounting in Australia. These include Interpretations that are applied by entities that prepare financial statements mandated by Corporations Act 2001; by the governments when planning financial statements; as well as entities within private or public sectors either for-profit or not-for-profit ventures that are involved as reporting entities or that prepare all-purpose financial statements. AASB integrate IFRSs1, as well as Interpretations, generated by the IASB2, with paragraph additions on the applicability of every Standard within the Australian setting, when appropriate. These Standards as well comprise obligations that are explicit to ...

The 46-year-old female patient reports pain and discomfort in her right ankle. Because she can still bear her weight on the ankle, it is possible to conclude it is not fractured. The most likely cause is strenuous physical activity, which resulted in an ankle sprain. Other diagnoses I should take in account include Achilles tendinitis, plantar fasciitis, rheumatoid arthritis, and calcaneal spur because they can all be triggered by physical trauma (Seller & Symons, 2012).

When collecting the patient’s medical history, it is important to focus on previous athletic injuries and previous instances of painful joints because that ...

Question 1

Traditionally, purchasing function was a low- level activity that was decentralized. Staff is each department, branch or plant used to make their own purchasing decision. In addition, relationships with supplier were ad hoc in nature. Strategic planning involves systematic planning for the entire organization to ensure its long term survival. However, traditionally purchasing decisions were made at the departmental level in an ad voc manner. Therefore, supply chain management was not involved in corporate strategic planning function.

Question 2

I would consider single sourcing if an item has a high profitability impact and its supply risk is low. If an item has a high ...

INTRODUCTION

In order to come up with effective and efficient strategies, it is important to understand the dynamics of different market structures. Different market structures have different characteristics and features and operate differently. In this report, an attempt has been made to understand the different market structures and comments have been made on the different features and characteristics of these market structures.

MARKET STRUCTURE

A market is a group of individuals, firms and economic agents, who have interaction with each other as a buyer and seller. In economics market structures are defined into four main types, and that are perfect competition, monopolistic competition, monopoly, ...

- Difference between product and service sales In sales, being aware of the relationship between product sales and service sales as well as differentiating each of them is one of the best way of knowing their differences. Products and services have differences that determine the things that go on in their sales. One of the biggest differences between product and service sales is that product sales can be termed as transactional in nature. On the other hand, service sales are ongoing engagement between the seller and the buyer. A product sale is demarcated into the pre-sales activities and ...

Introduction

EBay is one of the key players in the online shopping industry. According to Hudson, eBay host around 200million buyers or shoppers and various business transacting in the site (1). Originally, eBay started as an online garage-sale-style auction but currently eBay has evolved to be the world force in the retail industry. The marketplace has various frameworks for selling various products or items for both the small and large businesses. Hudson notes that, eBay is the place to go while one is looking for discount on items and unique collectibles (2). Just like other forms of business, this ...

A market is a system through which the buyers and sellers of a product interact. Markets can be identified by the product it deals in. For example market for computer software, market for crude oil etc. Markets can also be distinguished by the geographical expanse like the local market or the international market for a product. In economic analysis it is more important and more usual to classify markets in terms of the degree of competition present in the market. In this mode of classification we consider two forms of market, the buyer’s market and the seller’s market. In ...

A monopoly is a market situation where there is only one seller but a number of buyers. The seller is the price maker. The monopolist enjoys absolute market power by virtue of which she can earn supernormal profit. The monopoly power depends, to a large extent, on the possible threats to competition. If the monopolist finds potential threat in terms of entry of competitive firms, the monopolist tries to take effective strategies to keep competitors at bay. The market power of the monopolist depends on how effective the entry barriers are. It is because of the entry barriers that he monopolist remains a ...

Microeconomics is a subtopic of economics that dwells on the behavior of individuals as they make decisions in light of scarce resources. The market activity includes selling and buying goods and services. Microeconomics elaborates decisions made by individuals due to supply and demand in the market to determine the quantity demanded, price of good or service, and the quantity supplied. Conversely, microeconomics entails all the economic activities that affect inflation, unemployment, inflation and growth in the country. Microeconomics highlights the national policies that affect the economy such as the change of the tax levels. The branch of economics strives ...

How Apple Inc. adds Value to its Customers

Apple Company manufactures a variety of mobile phone tools in the United States. Mobile phones are devices that consumers use to communicate with friends and family from all parts of the world. The use of mobile phones for communication makes the product universal because communication takes place across the globe. The organization manufactures a product known as iPhone that has numerous uses other than communication. The firm created the product secretly during the purple project; Steve the director of the institution, selected ten thousand employees to work on this project as he guided them through various stages (Miser, 2013). Jobs turned ...

One key thing to do is to obtain an assurance from the seller of the merchantability of the airplane. In other words the seller should be asked to guarantee that the airplane is fit for the purpose for which it is bought. This would amount to an express warranty by either affirmation or promise, the breach of which would form the basis for a remedy (Meiners, 277). The guarantee may be oral or written in the contract of sale. This would cater for any hidden defects that may render the plane not of merchantable quality or fit for purpose. ...

What Makes Up a Competitive Market?

According to an economic way of thinking, what makes up a competitive market? Neoclassical theories of microeconomics are based on the study and explaining of consumer and organizational behaviour in the context of a market. Each of these entities makes decisions and takes actions based on their own end goals and the influence of limitations that arise from quantity and quality of products and services on offer, technology as well as market structure. Market structures are themselves categorized based on buyers and sellers and they interactions between the two. However, a majority of economic documents categorize markets from a seller perspective. ...

Answer Question

Answer Question Question 1

This means that the bought the device at: ($600- cost)/ $600 = 0.25 Cost = 450

The device was sold at $450 to McKenson.

Question 2 Retailer Using markup formula 33% markup ($299-cost) /cost=0.33

Working out

Cost = $300

Distributor 25% margin

Using the margin formula ($300-cost)/ 300 = 0.25 300-cost = 300*0.25 Cost= 300-75 Cost = $225

Manufacturer

Using margin formula ($225- Cost)/ $225 = 0.5 Cost = 225-112.50 Cost = $112.5

Question 3

The Usefulness of Distributors Distributors are very important in a supply chain. Finding the right distributor is always a plus to the supply chain system. The following are reason ...

The Federal Reserve is popular financial regulator that represents the Central bank of U.S. and has an effective control and influence over the economy of the country. This is done by imposing regulations to financial institutions such as commercial banks that operates in the market. The Federal Reserve also regulates the flow of money in the economy through different methods such as manipulation of the tax rates in the economy (Phillips, 2011). These methods help to control the inflation in the country. In my opinion, the Federal Reserve System is critical instrument that the country should rely on ...

The objective of the analysis herein is to provide a framework for the execution of the Levi’s Personal Pairs joint venture business proposal. The opportunity as stipulated pertains to a potential business relationship between Levi Strauss, the expansive and dominant clothing manufacturer and retailer, and a company called Custom Clothing Technology Company. The proposal outlines a business arrangement wherein Levi’s would work with CCTC to create a customized purchasing ability within Levi’s retail stores. The purpose of such a niched expansion to the company’s current offerings lies in the reality of an increasingly competitive market environment for Levi’s trademark mainstay, ...

The Sale of Goods Act 1979 cap 54 is an Act of the Parliament in the United Kingdom. It regulates UK commercial law as well as English contract law. This concerns the goods that are bought and sold. The Act compresses the original act regarding the sale of goods Act of 1983. Subsequent legislation codified the Act with minor statutory changes being made since 1979 (Ramanatha &Venkoba , 1988). The Act is applicable to contracts. In these contracts, property in goods is transferred for a financial consideration. Breach of contract between the buyer and the seller is actionable in a ...

A commercial exchange is a process which involves two parties; the seller and the buyer. The seller offers a product to the buyer expecting something in return which is usually in form of money. The product may be in form of a tangible good or service offered and the buyer may be a consumer or a business customer (Schindler 1-7).

One fundamental characteristic of a commercial transaction is that it is a voluntary interaction since both the buyer and the seller exchange the goods and services voluntarily and after the transaction both are in a better position than before. The seller becomes richer while the buyer receives ...

Introduction

Various economic principles are applicable in purchasing of assets. When purchasing a house economic principle influence the choice made regarding the deal. This includes principles such as the principle of trade offs, opportunity cost, thinking at margin rationally and the principle of response to incentive. One ought to carry out a cost benefit consideration to gauge whether the net benefit of making the decision to purchase a new house is positive. The strength of the economy will influence the marginal costs and marginal benefits associated with an investment decision. A strong economy offers stable conditions for making a decision. Several factors in the ...

Introduction

Purchasing and supply management plays an important role in operations of companies because other functions of the companies depend on the procurement function. In this paper a number of issues will be considered including the role of supply management in the operational process, the strategies of negotiating prices, budgeting supplies, materials, and service, outsourcing procurement function, and the best supply management practices with examples. Supply management is one of the core functions of the company. The information presented below will attempt to justify the importance of supply management function.

Question 1

Purchasing and supply management is an important part of the operational ...

There is usually a thin line when determining between legal and ethical issues. In marketing, the strategies used are mostly informed by legal and ethical considerations. The same is true when considering product safety and intellectual property. This means that there is a close relationship between law and ethics; however, it is the existence of the law that makes ethical values enforceable. In general, therefore, ethics are those values or rules of conduct that are created so as to guide a particular group of people while legality is something that pertains to the law. Ethics, in other words, should be contemplated within ...

Tim advertised that he was selling his Porch Short Boxer car in the newspaper to which the rogue later responded by visiting him. The advertisement by Tim is merely an invitation to treat which essentially paves the way for submission of offers to which Tim is free to accept or reject. This was the case in Partridge v Crittenden where Lord Parker CJ made a comment to the effect that if an advertisement were to be regarded as an offer, advertisers would be faced with a situation where they are under an obligation to sell the advertised goods to everyone who ...

In breach of a real estate contract, the law provides several ways through which the aggrieved party can seek retribution. These avenues include money damages, specific performance, and recession. It is also essential to note that the aggrieved party can also use the liquidated damages. However, in all the scenarios mentioned above, it is the duty of the aggrieved party to prove that the defendant breached the contract by failing to perform their obligations as indicated in the contract.

Money Damages

Scholars state that this remedy is based on the assumption that, in regard to money, the plaintiff has to be placed ...

Position statement4

Misrepresentation of facts.4 Negligence.5 Corporate Decision-making...6

Summary

General Motors Company deals with automotive, in most cases, vehicles. The management was aware of the problems with the ignition switch which could force cars to shut suddenly down, disabling their steering. In practice, this could bring about an action on strict liability against the company by the consumers. According to the law, the producer incurs strict liability whenever there arise safety ramifications which the producer is aware of. In this case, it is apparent that General Motors is aware of the defects and the harm they could cause to the ...

“Creating and Pricing products that satisfy the customers” this article has been taken from a book Business by William Pride, Robert Hughes, Jack Kapoor, it is published on 1 January 2011.This assignment is relevant to 5th part and 13th chapter of book..It discusses that pricing of the products according to the satisfaction of custom is about an aggressive change one must adopt to run a business (Griffin et al., p.1). Changing or decreasing the prices depends upon the nature of products. There is a procedure one must follow to minimize prices. There are many things that one has to consider. It is ...