Get assistance on how to write a placement contract and placement portfolio from our experts at CapitalEssayWriting.com. The specific needs and placement objectives must be carefully taken into account while writing the placement contract and placement portfolio. Here are some basic principles to get you started:
Placement Agreement:
Introduction: State the goal and nature of the placement in a succinct and unambiguous introduction at the start of the contract. Include the names of the people involved, such as the student, the school, and the provider of the placement, if applicable.
Dates, hours, and timetable of the placement should all be specified, as well as its duration. Any specific phrases pertaining to breaks, holidays, or shifts should be defined.
Roles and Responsibilities: Clearly state each party’s roles and responsibilities. Describe the responsibilities and activities the student will be expected to perform during the placement as well as any roles the placement provider may have, such as providing the necessary equipment, oversight, or training.
Intellectual Property and Confidentiality: Discuss the relationship between intellectual property rights and confidentiality. Indicate ownership of any intellectual property produced during the placement and state that the student promises to maintain confidentiality regarding any sensitive material they come into contact with during the placement.
Specify the circumstances under which either party may cancel the placement contract in the “Termination and Dispute Resolution” section. Include a section describing the procedures to be followed in the event of any problems or disagreements.
Stress the significance of health and safety throughout the placement. Describe the steps the placement provider has taken to guarantee a secure working environment and any obligations the student has to follow health and safety regulations.
Positioning Portfolio:
Start the placement portfolio with a succinct introduction that defines the placement’s goals and purpose. Mention the time frame, the location, and an overview of the work done.
Personal Information: Be sure to include any pertinent personal information, such as your name, phone number, and place of study.
Clearly express the learning goals you hoped to accomplish throughout the placement in your learning objectives. These goals may be connected to certain abilities, information, or experiences.
Give a thorough explanation of the activities you participated in during the placement in your description of the placement activities. Emphasize the duties fulfilled, projects finished, or any noteworthy contributions. Give specific instances and highlight your abilities and accomplishments.
Evaluation and Reflection: Assess your own performance and reflect on your placement experience. Discuss your experiences, lessons learnt, and obstacles overcome. If your placement provider has feedback or evaluations accessible, think about including them.
Include any supporting documents that verifies your efforts or accomplishments throughout the placement. This can include diplomas, project reports, pictures, or any other pertinent documentation.
Don’t forget to adjust the placement contract and portfolio to the demands of your particular placement arrangement and school institution. To learn about any special rules or templates your institution or placement coordinator may have available, it’s a good idea to ask them for advice.
a) Critically evaluate the risks associated with contract and procurement management approaches b) Evaluate procurement requirements to formulate procurement processes in order to initiate contracts Weighting 20% Total Marks 20 marks Assessment Task Critically read the assigned case study, available from either the Subject Learning Resources tab on the course homepage or as sent to you by the Learning Facilitator as an announcement. Read the Module 1-2 learning resources, especially those focused on project risk. Engage with other students by posting a 600-800-word discussion forum post and 300-word critiques detailing your response to the question below. Please refer to the instructions for details on how to complete this task. Context Procurement and contracts are integral to successful project management. Planning for purchases and acquisitions, requests for proposal, vendor selection, contract administration, and contract closure are integral parts of the process. Learning from case studies and benchmarking against better practices, standards and excellence is vital to understand complexity of issues and successful strategies for procurement and contract management. It will also ensure improved responsiveness to key issues, promote supplier client relationships through proactive management of risks and ultimately deliver higher level of focus on performance-based outcomes. Assessment 1 is a discussion with other students of key issues to better understand the principles of project procurement, challenges, and risks, as well as develop key procurement themes and quantify financial exposure. This assessment requires that you critically evaluate the risks associated with contract and procurement management approaches. This assessment requires that you answer the following question, evaluating the following risk and procurement concepts: “What are some important procurement risks that typically exist for large or complex projects? What procurement/financial risks exist in the assigned case study, and what strategies do you propose for mitigating these risks?”. To do so, address the following concepts in your post: • Identify 2-3 typical procurement risks required to be managed for complex projects • Identify 2-3 specific financial risks from the case study project • Propose possible procurement/financial risk mitigation actions for the case study project, and explain these relate to better practice guidelines • Identify possible areas for further vendor negotiations and management that you believe are important to achieve a successful contract completion • Identify areas of key accountability that exist for the project manager and procurement manager in facilitating a successful outcome for the case study project To answer this question, you will need to: (a) Post a 600-800-word (+/-10%) response to this question, based on your informed opinion and demonstrated knowledge of project management procurement risks, project lifecycles, and PMBoK, to the Discussion Forum on the Learning Portal. (b) Respond to a minimum of two other students’ posts by critiquing their opinion and comparing it with yours in 300 words (+/-10%). Instructions
Read module 1-2 learning resources, particularly those relevant to procurement risk, to familiarise yourself with fundamental concepts. Critically reflect on your readings to form an opinion. Commence writing your opinion to answer the question and support that opinion by using at least six (6) references from academic or industry literature. Cite these references in your opinion of 600-800 words both in-text and as a reference list at the end of your opinion piece. The word count does not include the reference list. It is expected that you will undertake sufficient research and reading to effectively contribute and share ideas individually. This is important for discussions to achieve sufficient depth of analysis as to provide high quality information to satisfy the requirements for the case study analysis – based on the above guidelines.
Read other students’ posts. Think about their opinion and try to compare and contrast them with yours. This will allow you to “critique” the views of at least two other students. You can do this by highlighting the things you agree with and those you disagree with in their post. You need to justify and explain your critique of their opinion. In your response, you will need to refer to some of the literature. Your responses will need to be a minimum of 300 words. This does not include the reference list Referencing It is essential that you use appropriate APA style for citing and referencing research. Please see more information on referencing here https://library.torrens.edu.au/academicskills/apa/tool Submission Instructions Submit this task via the Assessment 1 link in the main navigation menu in PROJ6004 – Contracts and Procurement. The Learning Facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades. Academic Integrity Declaration I declare that except where I have referenced, the work I am submitting for this assessment task is my own work. I have read and am aware of Torrens University Australia Academic Integrity Policy and Procedure viewable online at http://www.torrens.edu.au/policies-and-forms I am aware that I need to keep a copy of all submitted material and their drafts, and I will do so accordingly. Assessment Rubric Assessment Attributes Fail (Yet to achieve minimum standard) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75-84% High Distinction (Exceptional) 85-100% Understanding of the Project 30% 10% Superficial analysis of the project context and complexities Rudimentary analysis of the project context and complexities Proficient analysis of the project context and complexities Through analysis of the project context and complexities Sophisticated analysis of the project context and key elements 10% The project complexities and nuances have not been understood Basic evaluation of the project complexities and nuances Thoughtful evaluation of the project complexities and nuances Discerning evaluation of the project complexities and nuances Insightful evaluation of the project complexities and nuances 10% Responses to the key questions lack intellectual rigour and resolution Functional responses to the key questions posed Responses to the key questions posed show developing judgement Astute responses to the key questions posed Considered and highly resolved responses to the key questions posed Application of Learned Theories and Frameworks 20% 10% Learned theories and frameworks have not been understood or interpreted incorrectly Demonstrates a basic level of understanding of learned theories and frameworks Demonstrates proficient level of understanding of learned theories and frameworks Demonstrates an advanced level of understanding of learned theories and frameworks Demonstrates an exceptional understanding of learned theories and frameworks 10% Learning theories and frameworks have not been used to support discussion contribution Learning theories and frameworks are applied at a superficial level to somewhat support discussion contribution Effectively synthesises and applies theories and frameworks to support discussion contribution Persuasively synthesises and applies theories and frameworks to support discussion contribution Eloquently synthesises and applies theories and frameworks to support discussion contribution Effective Contribution to Discussion 30% 10% Student’s contribution to the discussion and engagement in the developing conversation is limited or non-existent Student has only engaged in the developing conversation in a minor way Student is engaged in the discussion and responsive to the developing conversations Student initiates some discussions and shows consistent engagement in the developing conversations Student shows leadership in activating community discussions and contributing to developing conversations 10% Original post lacks depth and consideration, with little opportunity for further group discussion Original post considered and offers relevant ideas for group discussion Original post is highly engaging and offers well reasoned arguments for group discussion Original post is conceptually evocative and and offers carefully considered ideas for initiating group discussion Original post is insightful and offers highly stimulating, authentic thought for initiating group discussion 10% No response posts have been made Response posts have been made, but lack depth and consideration Response posts are considered and constructive Response posts are constructive and engaging, supporting further group learning Response posts are encouraging and provocative, supporting further group learning Language and Communication 10% Significant grammar, spelling and punctuation errors resulting in a lack of clarity to ideas communicated. Ideas are understandable, but notable spelling and punctuation errors evident throughout. Ideas are communicated successfully but some minor spelling and punctuation errors are evident. Ideas are clearly communicated with only minor punctuation errors. Ideas are flawlessly communicated with no grammatical, spelling, or punctuation errors. Research and Referencing Quality 10% 5% No independent research beyond lecture material Superficial independent research beyond lecture material Substantial research beyond lecture material Extensive independent research beyond lecture material Exhaustive independent research beyond lecture material 5% Citations of sources and references used to inform ideas are not evident Some citations of sources and references used to inform ideas Proficient citations of sources and references used to inform ideas Significant citation of sources and references used to inform ideas Exemplary citation of sources and references used to inform ideas The following Subject Learning Outcomes are addressed in this assessment SLO a) Critically evaluate the risks associated with contract and procurement management approaches SLO c) Evaluate procurement requirements to formulate procurement processes in order to initiate contracts
Contract Scenario: Calvin had been an avid coin collector for many years, and the most valuable coin in his collection was an uncirculated, mint condition, 1943 Lincoln penny made of copper (most pennies made during World War II were made of zinc because copper was needed in the war effort). That penny had a value of between $60,000 and $95,000.In August of 2017, Calvin had a serious stroke that left him unable to speak or walk, but his doctor assured his family that Calvin would recover over time with intensive therapy. Calvin was a widower and did not have any children, but he had several nephews who visited him from time to time as he recovered. None of the nephews had any real interest in Calvin’s coin collection. One of Calvin’s nephews, Billy, who visited Calvin more often than the other nephews, sometimes listened to Calvin talk (talking was a part of Calvin’s therapy) about his mounting medical bills and his coin collection, but Billy never showed much interest in the medical bills or the coin collection. In October, as Calvin’s recovery progressed slowly, Billy visited Calvin and told Calvin that he had been reading about coin collecting, and he realized that Calvin’s collection, especially the 1943 Lincoln copper penny, was valuable, and Billy suggested that Calvin should consider selling the 1943 Lincoln copper penny and use the proceeds to pay his medical bills. Calvin resisted the idea at first, but Billy continued to urge Calvin to sell the penny so that he would not have to worry about the medical bills. Finally, when Billy told Calvin that he would arrange the sale of the penny for a commission of just 5% of the sale price of the penny, Calvin began to think that selling the coin might be a good idea. He was still a little confused about how the sale would work and what Billy would do to make sure that the penny would be sold for the best price. Calvin told Billy that he thought that the penny was worth almost $100,000, but Billy assured Calvin that the market had changed recently, and that the penny was now worth $40,000 to $45,000. Eventually, Calvin allowed Billy to sell the penny for the best price he could get and to take a 5% commission for arranging the sale of the penny. Billy then sold the penny to a friend for $40,000, took his 5% commission, and paid the remainder of the sale price to Calvin. A few months later, as Calvin continued to recover, he read a story in a coin collecting magazine about how an uncirculated, mint condition, 1943 Lincoln penny made of copper had just sold at auction for more than $100,000, and Calvin began to wonder if Billy had taken advantage of him. Calvin consulted a lawyer and asked the two questions below.
Did he (Calvin) have the mental capacity to enter into the contract when he agreed to let Billy sell the penny? What would he (Calvin) have to prove to show a court that he did not have the necessary mental capacity when he authorized Billy to sell the penny?
Did Billy exert undue influence over Calvin to cause Calvin to enter into the contract that allowed Billy to sell the penny?
What do you think? Does Calvin have a case to set aside the contract with Billy on either of these theories?Your case study should be at least two pages in length and include at least two outside sources. Be sure to use APA formatting for all citations and references
Contract Scenario: Calvin had been an avid coin collector for many years, and the most valuable coin in his collection was an uncirculated, mint condition, 1943 Lincoln penny made of copper (most pennies made during World War II were made of zinc because copper was needed in the war effort). That penny had a value of between $60,000 and $95,000.In August of 2017, Calvin had a serious stroke that left him unable to speak or walk, but his doctor assured his family that Calvin would recover over time with intensive therapy. Calvin was a widower and did not have any children, but he had several nephews who visited him from time to time as he recovered. None of the nephews had any real interest in Calvin’s coin collection. One of Calvin’s nephews, Billy, who visited Calvin more often than the other nephews, sometimes listened to Calvin talk (talking was a part of Calvin’s therapy) about his mounting medical bills and his coin collection, but Billy never showed much interest in the medical bills or the coin collection. In October, as Calvin’s recovery progressed slowly, Billy visited Calvin and told Calvin that he had been reading about coin collecting, and he realized that Calvin’s collection, especially the 1943 Lincoln copper penny, was valuable, and Billy suggested that Calvin should consider selling the 1943 Lincoln copper penny and use the proceeds to pay his medical bills. Calvin resisted the idea at first, but Billy continued to urge Calvin to sell the penny so that he would not have to worry about the medical bills. Finally, when Billy told Calvin that he would arrange the sale of the penny for a commission of just 5% of the sale price of the penny, Calvin began to think that selling the coin might be a good idea. He was still a little confused about how the sale would work and what Billy would do to make sure that the penny would be sold for the best price. Calvin told Billy that he thought that the penny was worth almost $100,000, but Billy assured Calvin that the market had changed recently, and that the penny was now worth $40,000 to $45,000. Eventually, Calvin allowed Billy to sell the penny for the best price he could get and to take a 5% commission for arranging the sale of the penny. Billy then sold the penny to a friend for $40,000, took his 5% commission, and paid the remainder of the sale price to Calvin. A few months later, as Calvin continued to recover, he read a story in a coin collecting magazine about how an uncirculated, mint condition, 1943 Lincoln penny made of copper had just sold at auction for more than $100,000, and Calvin began to wonder if Billy had taken advantage of him. Calvin consulted a lawyer and asked the two questions below.
Did he (Calvin) have the mental capacity to enter into the contract when he agreed to let Billy sell the penny? What would he (Calvin) have to prove to show a court that he did not have the necessary mental capacity when he authorized Billy to sell the penny?
Did Billy exert undue influence over Calvin to cause Calvin to enter into the contract that allowed Billy to sell the penny?
What do you think? Does Calvin have a case to set aside the contract with Billy on either of these theories?Your case study should be at least two pages in length and include at least two outside sources. Be sure to use APA formatting for all citations and references
The Ventron Engineering Company has just been awarded a $2 million development contract by the U.S. Army Aviation Systems Command to develop a blade spar for its Heavy Lift Helicopter program. The blade spar is a metal tube that runs the length of and provides strength to the helicopter blade. Due to the unusual length and size of the Heavy Lift Helicopter blade, Ventron is unable to produce a single-piece blade spar of the required dimensions using existing extrusion equipment and material.
The engineering department has prepared two alternatives for developing the blade spar:
Sectioning or
An improved extrusion process.
Ventron must decide which process to use. (Backing out of the contract at any point is not an option.) The risk report has been prepared by the engineering department. The information from this report is explained next.
The sectioning option involves joining several shorter lengths of extruded metal into a blade spar of sufficient length. This work will require extensive testing and rework over a 12-month period at a total cost of $1.8 million. Although this process will definitely produce an adequate blade spar, it merely represents an extension of existing technology.
To improve the extrusion process, on the other hand, it will be necessary to perform two steps:
Improve the mate-rial used, at a cost of $300,000, and
Modify the extrusion press, at a cost of $960,000.
The first step will require six months of work, and if this first step is successful, the second step will require another six months of work. If both steps are successful, the blade spar will be available at that time, that is, a year from now.
The engineers estimate that the probabilities of succeeding in steps 1 and 2 are 0.9 and 0.75, respectively. However, if either step is unsuccessful (which will be known only in six months for step 1 and in a year for step 2), Ventron will have no alternative but to switch to the sectioning process—and incur the sectioning cost on top of any costs already incurred. Development of the blade spar must be completed within 18 months to avoid holding up the rest of the contract. If necessary, the sectioning work can be done on an accelerated basis in a six-month period, but the cost of sectioning will then increase from $1.8 million to $2.4 million.
The director of engineering, Dr. Smith, wants to try developing the improved extrusion process. He reasons that this is not only cheaper (if successful) for the current project, but its expected side benefits for future projects could be sizable. Although these side benefits are difficult to gauge, Dr. Smith’s best guess is an additional $2 million. (These side benefits are obtained only if both steps of the modified extrusion process are completed successfully.)
Perform a data analysis of the risk report for the VP of Research and Development to support or reject Dr. Smith’s suggestion.
Develop a decision tree to maximize Ventron’s EMV. This includes the revenue from this project, the side benefits (if applicable) from an improved extrusion process, and relevant costs. You don’t need to worry about the time value of money; that is, no discounting or net present values are required. Summarize your findings in words in the spreadsheet.
Address what value of side benefits would make Ventron indifferent between the two alternatives?
Estimate how much would Ventron be willing to pay, right now, for perfect information about both steps of the improved extrusion process? (This information would tell Ventron, right now, the ultimate success or failure outcomes of both steps.)
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Premium papers. We provide the highest quality papers in the writing industry. Our company only employs specialized professional writers who take pride in satisfying the needs of our huge client base by offering them premium writing services The Ventron Engineering Company has just been awarded a $2 million development contract by the U.S.
1. Saul orally agreed to sell Ramie some land for $500,000. Ramie paid Saul the $500,000; Saul gave Ramie the deed to the land. Ramie took possession of the land and began building a cabin on it. One month later, Saul tried to retake possession of the land by arguing that the contract for the sale was invalid because it was oral, not written. Saul sued Ramie to invalidate the contract and retake the land.
The court will likely conclude that Saul will:
Win; the sale exceeded $500 so the contract must be written to be valid.
Win; all land sales contracts must be written.
Lose; because the contract was fully executed Saul cannot rescind the contract.
Lose; because Ramie had begun building a cabin on the property, Saul cannot rescind the contract.
2. Kelly, Lars and Mona agreed to be partners in Neighborhood Deliveries (ND), all splitting the profits equally. Kelly contributed 70% of the capital upon formation of the partnership. Later, the partners agreed to dissolve the partnership as it was not as profitable as they had expected, and its liabilities were greater than its assets.
The losses are paid by:
a) All the partners in proportion to their capital contributions.
b) All the partners in proportion to their share of the profits.
c) Kelly alone because she contributed the most capital.
d) Lars and Mona because they contributed the least amount of capital.
3. Ed hired Frankie, who is 13 years old, to buy a computer on Ed’s behalf.
Which of the following identifies the legal relationship between Ed and Frankie?
This is a valid agency relationship even though Frankie is a minor, and Ed would be bound by authorized contracts Frankie enters into on Ed’s behalf.
This is a valid agency relationship even though Frankie is a minor, but Ed would have the option of disaffirming any contracts Frankie enters into on Ed’s behalf.
This is a valid agency relationship even though Frankie is a minor, but Frankie would not be entitled to any payment under the terms of the agency because he is a minor.
This is an invalid agency relationship because Frankie is a minor.
4. . Nat signed a two-year contract to play soccer for the Scores, for $100,000 per game. During the second year of his contract, and just before a big game, Nat demanded that the team owner pay him an additional $5000 per game on his contract, starting with the current game. The owner reluctantly agreed to the new contract terms because Nat was the team’s leading scorer. At the end of the season, Nat demanded the additional $5000 per game; the owner refused to pay. What best describes the new contract between Nat and the owner?
It is unenforceable because the owner agreed to Nat’s contract terms under economic duress.
It is unenforceable because both parties did not give new legal consideration for the new contract.
It is enforceable because both parties gave legal consideration for the new contract.
It is enforceable because under the common law, all contract modifications are valid if the parties consent.
5. Assume a salesperson intentionally made one of the following statements – knowing that the statement was false – to a customer considering a purchase. Which statement could create liability for fraudulent misrepresentation if the customer made the purchase?
“In my opinion, this car is in flawless mechanical condition.”
“This crane will probably lift about 10,000 pounds.”
“This car is a real gem.”
“This is an original painting by the artist, Pablo Picasso.”
6. Don promised to buy his girlfriend, Sophie, a new car so Sophie sold her old car. Don now refuses to buy Sophie the car. Sophie has a job that requires her to have a car to get to work. If Sophie sues Don to enforce the promise, the likely result is that the promise will:
Be enforced under promissory estoppel because Sophie reasonably relied on Don’s promise, to her detriment.
Not be enforced as Sophie was not unjustly enriched simply because she did not receive the car.
Be enforced because the car is a necessity for Sophie and all contracts for necessities are binding and enforceable for all parties even if contract formation is flawed.
Not be enforced as Don’s promise was a gift to Sophie; Sophie gave consideration, but Don did not.
7. X and Y agreed that X would sell Y his small business, including the land on which the business was situated, for $500,000. Both X and Y knew at the time the contract was formed that the business was actually worth $800,000. Is this a valid, enforceable contract?
Yes, provided the contract was in writing, in accordance with the Statute of Frauds and the parties freely consented.
Yes, provided the contract was in accordance with state statutory law that permits real estate sales for 40% or more below market value.
No, because $500,000 is not valid consideration for a business worth $800,000.
No, because X has no pre-existing legal duty to sell his business.
8. Ralph, a 16-year old minor, is manager for the high school football team. Ralph signed a contract to purchase alcoholic beverages from Liquormart, Inc. for the team party. This contract is:
Void as a matter of law because it is illegal to sell alcohol to minors by state law.
Void only if Ralph misrepresented his age and told Liquormart he was an adult.
Valid and enforceable, but Ralph has the right to disaffirm because he is a minor.
Valid and enforceable, if Liquormart knew that Ralph was a minor.
9. Which of the following activities may involve the use of a contract, and/or constitute a sales contract?
Purchasing medications from a pharmacy.
Hiring a contractor to make home repairs.
Purchasing insurance policies from an insurance agent.
Selling books to customers in a bookstore.
All of the above.
10. CC’s Day Spa, LLC, is a member-managed limited liability company. So long as it is in accordance with state law, and unless the members previously agreed otherwise, voting rights will be apportioned according to:
a) Participation in management.
b) Capital contributions.
c) The number of members.
d) Each individual transaction of the LLC, and will vary with each transaction.
11. Kisha operates River Valley Soccer, an athletic equipment shop as a sole proprietorship. Taxes on the business’s income are paid by
a) The Federal Government but only if Kisha is operating under a Ficticious Name.
b) Kisha as the sole owner.
c) The state or federal government if Kisha holds a Small Business Administration loan acquired to start her business.
d) The business entity of River Valley Soccer, not Kisha personally.
12. Distinguish which of the following is an advantage of limited liability companies (LLCs) over corporations.
a) Only one member of a LLC must have unlimited liability as compared with corporations in which all shareholders have unlimited liability.
b) LLCs can be formed without any specific steps being taken by the owners as compared with corporations that must file Articles of Incorporation with the State.
c) In most cases, a LLC can choose whether to be taxed as a partnership or corporation, as compared with corporations that are subject to double corporate taxation.
d) LLCs can choose whether to sell shares publically to investors, as compared to private corporations that must sell shares publically to investors.
13. Restitution allows for the return of any monies paid if
There is a material breach of the contract
There is a minor breach of the contract
If there has been complete performance
Any time the Buyer is unsatisfied with the products delivered.
14. A contract may be discharged by the Parties if there is
Mutual Rescission
Novation
Accord & Satisfaction
All of the above
15. A Quasi contract
Confers a benefit on another even though there is no formal contract.
Can never be enforced.
Are contracts in law.
Would cause unjust enrichment to not cause a party to pay for a benefit received.
A & C
A & D
A, C & D
16. If a contract is to be assigned notice must be given by
The assignor to the third party.
By the assignee to the third party.
By the third party to the assignor and the assignee.
Any of the above.
17. The Statute of Frauds was created
To allow for verbal contracts in certain circumstances.
To allow for the rescission of a contract prior to performance.
Require that certain contracts be in writing to be enforceable.
All of the above.
18. In order to prove undue influence, a party must show:
That a fiduciary relationship existed between the Parties.
It must be shown that one Party has a mental incapacity.
There must be a dominant Party who used unduly used their influence to cause the other party to enter into the contract.
A & B
A & C
All of the above.
19. In order to prove fraud which of the following elements must be present?
There must be an intentional misrepresentation, with reliance on the misrepresentation by the other party.
There must be an intention by the wrongdoer that the other Party rely on the misrepresentation.
There must be harm.
A & B
B & C
All of the above
20. An illegal contract is:
Voidable
Void.
Fully enforceable.
None of the above.
21. A contract made by an emancipated minor for necessaries is:
Voidable because the Party is a minor
Void because the Party is a minor
Fully enforceable.
All of the above.
22. A contract made by a minor may be ratified
At any time up to the time of majority.
Never. A contract made by a minor is void ab initio.
Only after the minor reaches the age of majority.
At any time.
23. An acceptance is effective:
After it is received by the offeror.
When the offeree performs
As soon as the offeree executes the acceptance.
As soon as the offeree transmits the acceptance
24. A unilateral contract requires:
A bilateral exchange of promises
An offer
A written acceptance
An acceptance by performance
All of the Above
B & D
None of the above
25. A contract must always contain the following:
A. An offer, acceptance, and consideration
B. A writing
C. A legal purpose
D. A handshake
E. A, B, & C
F. A & C
G. All of the above
TRUE/FALSE-
Place a T for True or an F for False in front of each of the following statements.
_____ A contract that has been fully performed is an executory contract.
_____ A written contract to buy a home is an express contract.
_____ A void contract is often referred to as a contract where one party has the option to void the contract if they wish.
_____ A revocation of an offer is effective as soon as it is sent to the Offeree.
_____ An advertisement for sale is not considered an offer.
_____ If a Party makes a counteroffer, then the original offer is considered to be terminated.
_____ At common law, if an Offeree changes the terms of the offer received, they can still accept the original offer with the changes made.
_____ If there is a contract and one of the parties dies, the contract must be carried out by the Estate of the dead party.
_____ A General Partner in a Limited Partnership has the right to make any decisions on behalf of the partnership; without consultation to the Limited Partners.
_____ If I make a promise of a gift, there is not an enforceable contract created.
_____ If I promise to pay my 16 year old son $5,000 if he refrains from smoking , this is an enforceable contract.
_____ Corporate shareholders are only liable to creditors of the corporation up to the amount of their investment.
_____ If I promise to buy my wife a new car and as a result she sells her old beat up car I have created an enforceable gift based upon the theory of quasi contract.
_____ In a General Partnership, each of the partners are jointly and severally liable for the debts of the business.
_____ A parent is liable for the contracts made by their emancipated minor children.
_____ A Principal is responsible for the torts committed by their Agents outside the course and scope of their employment.
_____ A contract that contains a usurious interest rate is an example of an illegal contract.
____ In general, if there is a unilateral mistake in a contract, the party making the mistake will be allowed to rescind the contract in order to avoid an unjust result.
_____ If I give my wife a card to sign telling her that it is a note to our family and on the back of the card is a power of attorney allowing me to sell all of her assets; this is an example of Fraud in the Inception.
_____ In general if there is a written contract; the Parol Evidence Rule will not allow additional documentation to interpret the written contract.
_____ A Principal is typically not responsible for the torts committed by their Independent agent.
_____ The named beneficiary of a life insurance policy is called an intended beneficiary.
_____ Liquidated damages are determined by the court in order to compensate a Plaintiff for actual damages.
_____ A writ of garnishment is a court order that directs that bank accounts or wages of a defendant are paid over to the Plaintiff after a judgment has been issued.
_____ An Agency Agreement is terminated only if the Principal dies; not if the Agent dies.
ESSAYS:
Answer each question in complete paragraphs; do not list or answer in phrases (points will be deducted for doing so).
None of these questions can be adequately/comprehensively answered in just a paragraph, so be comprehensive, in depth in your answers, but be careful to not include irrelevant information. If you are using a legal term, be sure to define it and provide the requisite elements. Provide alternative theories and don’t just pick the most relevant theory to discuss.
Points will be deducted for answers that are not well justified, not sufficiently comprehensive.
Use APA in text citations and references, as appropriate but please do not use direct quotes. Use only classroom notes/comment and assigned reading or watching materials as resources, which is all you need to complete the exam.
DO NOT use any outside, internet resources as they are often inaccurate.
Follow directions carefully. Answer all parts of each question.
Be sure to directly answer the question(s) asked.
Note: The second Essay appears on Page 13; EXTRA CREDIT appears on Page 15.
ESSAY ONE:
Scenario: Tom owned a house set on 1 acre of land that he wanted to sell when he retired in April, 2017. On April 1, 2016, Mary and Tom orally agreed that Mary would purchase Tom’s house and 1 acre of land for $350,000 cash on April 15, 2017. In the meantime, Mary and Tom agreed that Tom would continue to own and live on the property. On April 15, 2017, Mary presented Tom with a cashier’s check for $350,000 for the house and Tom transferred the deed to the house and land to Mary in her name. Mary and Tom properly filed all the documents necessary for the closing on the real estate sale.
Mary and Tom had also agreed previously that Tom could remain on the property following the closing of the sale on April 15, 2017 until April 17, 2017 to give him time to move out. On April 17, Tom refused to move out claiming that their oral agreement for sale of the property was invalid and unenforceable under the Statue of Frauds.
1. Was the sale originally subject to the Statute of Frauds and if so, for what reason(s) and why?
2. Is the contract for sale of the property valid so that Tom has to relinquish possession of the property? Why or why not?
ESSAY 2
Scenario: Eva owns Finest Enterprises, a clothing shop, as a sole proprietor. Eva wants to obtain additional capital to expand Finest, but she does not want to lose control of the business. Also, Eva has chosen not to take out any sort of loan to obtain additional capital to expand.
What is Eva’s best option to obtain additional capital to expand and yet incur no further debt and retain control of the business? Why? Explore all possibilities and analyze why some may not be appropriate. For purposes of this question you should consider Eva forming a new business entity that may meet her business objectives.
EXTRA CREDIT
Scenario: Brenda is purchasing agent for Commodities Corp. Dennis, a Commodities corporate officer, gave Brenda written authority to buy for Commodities Corporation as many computers and support devices as necessary. Dennis signed the written authority document. The next day, Dennis called Brenda and told her to buy only 50 notebook computers and nothing else.
Brenda went to E-Products, Inc. the next day, showed the written authority from Dennis to E-Products and entered into a written contract with E-Products to buy 60 notebook computers and a selection of printers and scanners to support the computers. E-Products promptly shipped the order to Commodities.
Dennis claims Commodities is not liable to E-Products for the sale because, Dennis claims Brenda exceeded her agency authority and thus was not acting as a Commodities agent in the purchase with E-Products.
A. Is Commodities liable to E-Products under the sales contract for the computers, printers and scanners? Why or why not?
B. Is Brenda personally liable to E-Products to pay for the computers, printers and scanners? Why or why not?
C. Is Brenda liable to Commodities for exceeding her agency authority and thus liable for paying Commodities for the purchases? Why or why not?
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Congratulations! You are a marketing research consultant and have just won a contract with a client. Your client is facing an issue, and your job is to explain to the organization the advantages and disadvantages of a focus group and questionnaire as part of the research process for this issue. To do this, you have been asked to create a PowerPoint to present to the stakeholders of the organization. It is not your job to decide whether to use a questionnaire or focus group; you are only expected to present the information so that the stakeholders can select a method. Your presentation should include the components below. a description of the issue the client is facing (this issue will be created by you); a discussion of the different data collection methods including focus groups and surveys; a description of the questionnaire development process; a sample of five good questions for a questionnaire (you should include different types of questions such as closed-ended, open-ended, scale, ranking, or other types of questions); a sample of five good questions for a focus group; and an analysis of the value of questionnaires and focus groups in marketing research (how would each help in the research process for this issue?). Your PowerPoint must be a minimum of 10 to 12 slides. Each slide should have three to five bullet points and slide notes that you would use as if you were actually presenting the presentation. The total length for all slide notes should be at least 300 words. Your introduction slide and speakers notes should detail the issue the client is facing. At least two academic sources must be used, and they should be cited and referenced in APA format.
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Imagine this scenario: As a requirement of the Smallville contract, Gail Industries must conduct an IS review, specifically for a transaction processing system (TPS) to determine whether the systems meet and continue to meet the organization’s objectives.
Review the Gail Industries Case Study for information that will assist you with this assignment.
Prepare a 4- to 5-page IS review in which you provide:
-An evaluation of current systems operations and maintenance practices
-A determination of whether the level of service from internal and external service providers is defined and managed
-Recommendations for improvements
Cite references to support your assignment.
Format your citations according to APA guidelines.
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Assignment details: Elements of a legal contract. Jim and Laura Buyer visit the local car dealership because they are interested in buying a new car. The car they currently have is aging and is starting to have mechanical problems. Jim and Laura would share the new car, and use it to go back and forth to work and school. Before going to the dealership, Jim and Laura decide that they can only afford $400.00 a month in car payments.
Once at the car dealership, Jim and Laura meet Stan Salesman. Stan shows them several vehicles and Jim and Laura test-drive several of the cars. Jim and Laura particularly like the blue 4-door sedan. Therefore, they agree to give Stan Salesman a $100.00 deposit to hold the car for a day. Stan Salesman does not give them the receipt but guarantees that the $100.00 is refundable. No documents were signed.
The next day, Stan Salesman calls Jim and Laura to ask them when they would like to take delivery of the car. Jim and Laura, on the way home from the dealership, decided that they were not going to buy the car because they did not want to spend that money each month. Therefore, Jim and Laura tell Stan salesman that they have decided not to buy the car and request their $100.00 deposit back.
Stan insists that the $100.00 was a deposit on the car and was meant to be part of the contract to buy the car. Stan is very persistent and insistent that Jim and Laura have contracted to buy the car; therefore, the $100.00 will be applied to the purchase price of the car. Jim and Laura are shocked and angry as not only do they not want to spend the money, but now feel as though they are being duped by Stan Salesman.
Jim and Laura have an appointment to see a lawyer in a few days, but know you are a student taking a business law class and come to you for advice. They are very frazzled, and understandably upset that they may have just purchased a car. Since you have been taking business law, you have read and understand the elements of a contract and the defenses to a contract. Therefore, although you are not a lawyer, you provide some basic advice from what you’ve learned in your business law class.
In three to five (3-5) pages, advise Jim and Laura based on the above facts as presented, the material provided in the text, and material covered in the lecture. In your paper, be sure to address the following:
Define the elements of a legal contract using examples from the scenario where applicable. Decide whether or not there was a contract for the purchase of the automobile. Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources. Format your assignment according to the following formatting requirements: Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Did Jim and Laura Buy a Car? Elements of a legal contract
A contract is a voluntary agreement between two or more parties and is legally binding hence is enforceable by the law (Miceli, 1997).The contract can be verbal or in written form. A verbal contract, like the one allegedly entered into between Stan Salesman on the one hand and Jim and Laura Buyer on the other, is hard to prove and has a lesser timeline to sue. Indeed, it is advisable that a contract that involves sale of property be in written form as this clarifies the terms of the contract, unlike in a verbal contract where the terms are usually not clear. Further, a contract must be entered into between parties that have the capacity to enter into an agreement. Salesman and the Buyers in the case scenario both have the capacity to enter into contracts because they are not minors, intoxicated or mentally afflicted; the groups of people considered to lack sufficient capacity to enter into contracts (Fried, undated).
A contract also has specific elements that includean offer, acceptance, consideration and meeting of minds. Offer and acceptance usually go together while consideration is not considered in some countries that prefer estoppel.
That Stan Salesman offered cars for sale is not a basis for a binding contract but an offer of sale, an invitation to treat. However, Jim and Laura take on the invitation and end up liking a blue, 4-door sedan after test-driving several cars. The test-driving obviously gives the Buyers a detailed description of some of the cars (including the blue, 4-door sedan), which is a requirement for a legal offer. The other requirements for a legal offer are price, terms and delivery date(Chen-Wishart, 2015). From the case scenario, these latter requirements are not discussed nor agreed between the two parties. Hence, the offer does not qualify as a legal offer but rather an offer of sale; and is therefore not contractually binding.
Salesman offer of sale or invitation to treat was accepted by the Buyers, the offerees. This is evident in their conduct and consequent communication to Salesman to hold the car for a day, paying a deposit for this. The conduct of the Buyers leads Salesman to infer their acceptance, and concomitantly that there is an implied contract. However, this acceptance is for an offer of sale rather than a legal offer since it does not meet the requirements of a legal offer as discussed above. If this was a unilateral contract, it would not need the Buyers’ acceptance. But like most commercial transactions, this would only be considered as a bilateral contract that would require acceptance of the offer: yet it fails to meet the threshold of a bilateral contract based on the fact that the offer is not legally binding and hence the issue of acceptance does not suffice(Miceli, 1997).This hence renders the supposed mutual assent (of the offer and acceptance) invalid and not legally binding.
The other important element of a contract is consideration which refers to the perceived and or actual value offered and accepted when entering into contracts. Both the offeror and offeree acquire value from a contract through exchanging, with the concept of the value being the consideration(Fried, undated). For example, if I buy a business book for $30, the bookshop’s consideration is the book while my consideration is the $30. In a court of law in the United States, the bargaining process to determine sufficiency and or adequacy of the consideration is important. Sufficiency refers to meeting the test of the law whereas adequacy refers to subjective fairness (Fried, undated). So whilst paying a dollar…………………………………………………………………………………………………………………………………………………………………………………………………………………………………. Elements of a legal contract ………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
Final Contract Analysis scenario. Note: This is a two-part assignment that consists of two different contract analysis scenarios. Please answer both scenarios in one document.
Contract analysis scenario one—damages determination: Alfred and Barbara own adjoining farms in Dry County, an area where all agriculture requires irrigation. Alfred bought a well-drilling rig and drilled a 400-foot well from which he drew drinking water. Barbara needed no additional irrigation water, but in January 1985, she asked Alfred on what terms he would drill a well near her house to supply better-tasting drinking water than the county water she has been using for years. Alfred said that because he had never before drilled a well for hire, he would charge Barbara only $10 per foot, about one dollar more than his expected cost. Alfred said that he would drill to a maximum depth of 600 feet, which is the deepest his rig could reach. Barbara said, “OK—as long as you can guarantee completion by June 1, we have a deal.” Alfred agreed, and he asked for $3,500 in advance, with any further payment or refund to be made on completion. Barbara said, “OK,” and she paid Alfred $3,500.
Alfred started to drill on May 1. He had reached a depth of 200 feet on May 10 when his drill struck rock and broke, plugging the hole. The accident was unavoidable. It had cost Alfred $12 per foot to drill this 200 feet. Alfred said he would not charge Barbara for drilling the useless hole in the ground, but he would have to start a new well close by and could not promise its completion before July 1.
Barbara, annoyed by Alfred’s failure, refused to let him start another well. On June 1, she contracted with Carl to drill a well. Carl agreed to drill to a maximum depth of 350 feet for $4,500, which Barbara also paid in advance, but Carl could not start drilling until October 1. He completed drilling and struck water at 300 feet on October 30.
In July, Barbara sued Alfred, seeking to recover her $3,500 paid to Alfred, plus the $4,500 paid to Carl.
On August 1, Dry County’s dam failed, thus reducing the amount of water available for irrigation. Barbara lost her apple crop worth $15,000. The loss could have been avoided by pumping from Barbara’s well if it had been operational by August 1. Barbara amended her complaint to add the $15,000 loss.
Your contract analysis must be at least two pages in length and discuss Barbara’s suit against Alfred. What are Barbara’s rights, and what damages, if any, will she recover? Explain Article 2 of the Uniform Commercial Code pertaining to all types of transactions.
Contract analysis scenario two—remedies determination: Mundo manufactures printing presses. Extra, a publisher of a local newspaper, had decided to purchase new presses. Rep, a representative of Mundo, met with Boss, the president of Extra, to describe the advantages of Mundo’s new press. Rep also drew rough plans of the alterations that would be required in Extra’s pressroom to accommodate the new presses, including additional floor space and new electrical installations, and Rep left the plans with Boss.
On December 1, Boss received a letter signed by Seller, a member of Mundo’s sales staff, offering to sell the required number of presses at a cost of $2.4 million. The offer contained provisions relating to the delivery schedule, warranties, and payment terms but did not specify a particular mode of acceptance of the offer. Boss immediately decided to accept the offer and telephoned Seller’s office. Seller was out of town, and Boss left the following message: “Looks good. I’m sold. Call me when you get back so we can discuss details.”
Using the rough plans drawn by Rep, Boss also directed that work begin on the necessary pressroom renovations. By December 4, a wall had been demolished in the pressroom, and a contract had been signed for the new electrical installations.
On December 5, the President of the United States announced a ban on foreign imports of computerized heavy equipment. The ban removed—from the American market—a foreign manufacturer that had been the only competitor of Mundo. That afternoon, Boss received an email from Mundo stating, “All outstanding offers are withdrawn.” In a subsequent telephone conversation, Seller told Boss that Mundo would not deliver the presses for less than $2.9 million.
Your contract analysis must be at least two pages in length and discuss the following questions: Was Mundo obligated to sell the presses to Extra for $2.4 million? Assume Mundo was so obligated. What are Extra’s rights and remedies against Mundo?
Include an introduction in your paper. One source is required. Adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.
The case analysis indicated that the contract is binding to the two parties since they both agreed on terms and conditions. The scenario indicated that Alfred kept the promise and started drilling the well until it hit the rock. Although he incurred extra costs, it was evident that Alfred tried to uphold his end of the bargain(Kubasek, et al., 2016). He didn’t transfer the extra cost to Barbara even after his equipment broke. It was also evident that Alfred could not have completed the drilling of well on the agreed date due to unavoidable accident. As show of commitment, Alfred was willing to move to another location despite having drilled the well at higher cost that he was being paid.
Barbara was not amused by the work and she didn’t allowed Alfred to move to another location. Instead, she hired Carl to drill another well, but Carl couldn’t commence the work immediately until October 1. Analysis showed that this was not a material breach since Alfred didn’t unjustifiably fail to carry out his obligation substantially under the contract. By hitting the rock, it was unavoidable and Alfred was determined to start drilling another well in a different location. Barbara had a right to sue Alfred due to losses she incurred but it would be interesting to know the court findings. Analysis of compensatory damages showed that Barbara couldn’t have incurred loses if the well was delivered on time. According to Kabusek et al., (2016), “compensatory damages are the most frequently awarded…………………………………………………………………………………………………
