MGMT 422 Material Management Chapter 15
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Write My Essay For MeCHAPTER 15
1. Purchasing activities are concerned with the laws regarding contracts and the laws regarding agency, the majority of which concern contract laws.
a.
True
b.
False
2. The purchasing agent is a general agent with broad authority to change prices, terms, and conditions.
a.
True
b.
False
3. From a legal perspective, purchasing managers do not have a fiduciary obligation to act in the best interests of their employer.
a.
True
b.
False
4. Exceeding both actual and apparent authority can have dire consequences; an individual may be held directly liable by the supplier or other third party.
a.
True
b.
False
5. Accepting gifts and favors from a supplier is the most common ethical infraction involving buyers.
a.
True
b.
False
6. A contract can exist only when there is an agreement resulting from both an offer and an acceptance.
a.
True
b.
False
7. If the primary purpose of the contract is legal, but some terms contained within the contract are not, then the contract may or may not itself be illegal depending on the seriousness of the illegal terms and the degree to which the legal and illegal terms can be separated.
a.
True
b.
False
8. A breach of contract may entitle the offended party to certain remedies or damages.
a.
True
b.
False
ANSWER:
True
9. In order for a firm to recover lost profits in a breach of contract, the firm must produce credible evidence that it would have made such profits.
a.
True
b.
False
10. For the most part, the UCC is a “gap filler” and is only pertinent if the parties themselves do not supply a contract term, or the term is left open.
a.
True
b.
False
11. A/An _____ is a set of promises between two or more parties the performance of which the law expects, the breach of which the law provides remedies.
a.
offer
b.
agreement
c.
acceptance
d.
contract
e.
breach
12. _____ is the idea that organizations and institutions have an obligation to society that extends beyond compliance with regulations in considering the broader effects of their actions.
a.
Ethics
b.
Influence
c.
Corporate social responsibility
d.
Mutual assent
e.
Warranty of infringement
13. Which of the following is false regarding the risks of unethical behavior by a purchaser?
a.
The buyer pays too little for a purchased good or service.
b.
Unethical behavior presents a personal risk to a buyer’s reputation.
c.
buyer who performs an unethical act runs the risk that the act is also illegal.
d.
Sellers quickly become aware of buyers who are open to offers “on the side.”
e.
A buyer who makes purchase decisions based on factors other than legitimate business criteria risks the reputation of the entire firm.
14. _____ indicates that the supplier is responsible for transportation, and the purchaser assumes title of the goods at his or her own shipping dock.
a.
F.O.B. origin
b.
F.O.B. shipping point
c.
F.O.B. destination
d.
F.O.B. carrier
e.
None of the above.
15. _____ indicates that the purchaser is responsible for payment of transportation costs and assumes title of the goods at the supplier’s shipping dock.
a.
F.O.B. origin
b.
F.O.B. delivered
c.
F.O.B. carrier
d.
F.O.B. intermediate storage point
e.
F.O.B. destination
16. [The] _____ refers to the supplier’s guarantee that the goods being exchanged do not illegally violate another party’s patent protection.
a.
Warranty of title
b.
Express warranty
c.
Warranty of infringement
d.
Implied warranty of fitness for use
e.
Implied warranty of merchantability
17. In its most basic form, a _____ is defined as a promise or representation made by the seller, which, if necessary, can be legally enforced.
a.
statement of fact
b.
verbal agreement
c.
verbal agreement
d.
warranty
e.
buyer’s right of rejection
18. _____ are those expenses incurred by the purchaser because the goods were not delivered when expected or as specified.
a.
Incidental damages
b.
General damages
c.
Consequential damages
d.
Specific damages
e.
None of the above.
19. _____ occur[s] when either party fails to perform the obligations due under the contract (without a valid or legal justification).
a.
Damages
b.
Cancellation
c.
Restitution
d.
Expectancy
e.
Breach of contract
20. _____ is something of value in the formation of the contract that gives it legal validity.
a.
Apparent authority
b.
Actual authority
c.
Implied authority
d.
Acceptance
e.
Consideration
MGMT 422 Material Management Chapter 15 ESSAY
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