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SCMN 3730 FINAL EXAM LATEST 2025 / 2026 ACTUAL
EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS)
|ALREADY GRADED A+| ||LATEST EXAM!!!||
||BRANDNEW!!!||
force majeure - Answer-the course of events that occur if there are unforeseen calamities such as earthquakes or hurricanes that prevent a supplier from fulfilling its obligations to the buyer
what does a firm fixed price contract entail, & how does a supplier view the acceptability of a long one? - Answer- price stated in the agreement does not change, regardless of any type of environmental change
what is the typical minimum length of a long-term contract? - Answer-often greater than one year
evergreen clause - Answer-assumes the contract will be renewed every year unless the supplier is otherwise notified that this is not the case
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escape clause - Answer-allows the buyer (and possibly the supplier) to terminate the contract if either side fails to live up to contractual requirements
arbitration - Answer-the submission of a disagreement to one or more impartial persons with the understanding that the parties will abide by the arbitrators decision
principal - Answer-corresponding person or entity for whom agents carry out their authority
agent - Answer-person or entity who has been authorized to act on behalf of some other person or entity
what are the 3 essential elements of a contract? - Answer-
- offer
- acceptance
- consideration
offer (contract law) - Answer-proposal or expression by one person that he or she is willing to do something for certain terms 2 / 3
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acceptance (contract law) - Answer-a contract does not exist until the offer is formally accepted, either verbally or in written form
consideration (contract law) - Answer-something of value in the formation of the contract that gives it legal validity
legally, what is the difference between an RFQ & a purchase order? - Answer-an RFQ is NOT a legal offer whereas a purchase order can be an offer, acceptance, or counteroffer
of all the terms on a purchase order, which one is the single most important element? - Answer-price
what does the term "boilerplate" refer to? - Answer- standard terms & conditions typically included in most commercial contracts & purchase order agreements
- usually preprinted on back of forms
- read & understand all of suppliers terms
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