Mbe contracts and sales Study guides, Class notes & Summaries

BAR EXAM MBE CONTRACTS AND SALES COMPLETE SOLUTION 2024

What does the procurement policy of an entity reflects? - Answer -The entity's legal system -The goals and values of the entity -Policies and practices federal-level entities use to acquire goods and services; this may not apply to state or local entities What should the overall purpose of a procurement policy manual be? - Answer -Establish the legal authority of the procurement function within the entity. -Simplify, clarify, and reflect the laws governing procurement -Enable uniform p...

A wholesaler of bicycle chains sent a retailer the following fax on December 1: "Because of your continued loyalty as a customer, I am prepared to sell you up to 1,000 units of Bicycle Chain Model D at $7.50 per unit, a 25% discount off our original $10.00 price. This offer will remain open for 7 days." The fax lacked a full, handwritten signature, but was on the wholesaler's letterhead and had been initialed by the wholesaler's head of sales. On December 4, the wholesaler's head of sales c...

MBE SUMMARY 2024 Equitable Reformation - Where a clerical error has been made in reducing an agreement to writing, a party may bring an action in equitable reformation to have the writing reformed to correct the writing or include the omitted provision. Lost volume seller - A seller who has enough supplies to meet the demands of their customers. Seller can recoup the contract price of a widget when - 1) where the buyer has accepted the goods; 2) where the goods are lost or dama...