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| Section | Objectives |
|---|---|
| Topic 1: Procurement Process and Sourcing | - Supplier selection and evaluation
|
| Topic 2: Contracting and Legal Principles | - Contract formation
|
| Topic 3: Supplier Relationships and Performance | - Performance improvement
|
| Topic 4: Risk, Ethics and Sustainability | - Procurement risk management
|
| Topic 5: Procurement and Supply Context | - Role of procurement in organisations
|
| Topic 6: Procurement Technology and Innovation | - Innovation in supply management
|
>> Valid L4M8 Test Syllabus <<
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NEW QUESTION # 133
What are the reasons that a contract can legally be terminated?
Answer:
Explanation:
See the answer in explanation.
Explanation:
A contract is written or verbal agreement, made between two or more parties that are legally en-forceable. For a contract to be legally binding it must include intention of parties entering into the contracts. All parties must have the capacity to contract or be contracted. They must be of a sound mind, there should be a promise (offer) for performance from the other party and an exchange (consideration) of one thing for another within an agreement for contract to be binding, there must be an acceptance of the offeror's offer by the offeree.
There are many reasons contract can legally be terminated, including non-performance by one or both parties, a significant change in the requirement.
There are several reasons contract can legally be terminated, including non-performance by one or both parties; breach of material, failure to meet service level agreement, ethical breaches, a significant change in the requirement of either party caused by ethical change in the market, change in Demand, obsolescence, contract completion. The procurement professionals should get an exit strategy that should encourage a stress free disengagement should incase there are no profitable reason to continue with the contract.
* Refer to the question column for response
NEW QUESTION # 134
In relation to the case study 'Walmart and H&M in spotlight regarding human rights in media ex-plain which human rights are not being granted to the workers.
Answer:
Explanation:
Human rights are the statutory ways in which individual expects to and should be treated. Ethical and responsible sourcing includes the protection of human rights, not violating it.
When young women are being bound into contracts where they work for two to three years, they are not being granted the right to freedom from slavery.
Forcing these women to live in hostels under restrictions that prevent them from moving and are denied the opportunity to improve on their living condition is a violation of their right to life, liberty and personal security, also, their freedom from torture and degrading treatment is being violated.
NEW QUESTION # 135
What is needed for a contract to be binding?
Answer:
Explanation:
See the answer in explanation.
Explanation:
A contract is written or verbal agreement, made between two or more parties that is legally enforceable. For a contract to be legally binding it must include intention of parties entering into the contracts. All parties must have the capacity to contract or be contracted. They must be of a sound mind, there should be a promise (offer) for performance from the other party and an exchange (consideration) of one thing for another within an agreement for contract to be binding, and there must be an acceptance of the offeror's offer by the offeree.
NEW QUESTION # 136
Explain with examples three differences between offers and invitation to treat.
Answer:
Explanation:
See the answer in explanation.
Explanation:
An offer is created when one party communicates to another or to multiple parties that they wish to enter into a legal binding agreement in accordance with the terms stated, for example; a company in promotion advertising for buyers to buy one and get one free, an offer is a buying organization communicating to a supplier to supply X number of goods and be paid x amount upon delivery at company premises, an offer is when a football club proposes to pay X amount to a player if agrees to play for them for a month. An offer can be legally banded if accepted, whereas invitation to treat does not. An invitation to treat is just an invitation from one party to another to begin negotiations with the intention of creating an offer. If an offer is made without stating terms, this becomes an invitation to treat, for example, an invitation to treat is when a pharmacy displays a drug in its shelf. An invitation to treat can be linked to a request a buyer send to suppliers asking them for specific information.
* Refer to the question column for response
NEW QUESTION # 137
How can procurement professionals select suppliers?
Answer:
Explanation:
See the answer in explanation.
Explanation:
During the sourcing stage of the procurement cycle, the procurement professional needs to identify and select suppliers to fulfill the business needs. Supplier selection involves evaluating suppliers against predetermine criteria to assess their suitability in working with the buying organization. Suppliers can be evaluated according to Carter's 10Cs which are as follows: (1) Competency (2) capacity (3) consistency (4) control (5) cost (6) commitment (7) cash (8) Clean (9) culture (10) communication.
Procurement professionals can decide to evaluate and select suppliers based on the overall strategy and the business objectives. After that, it most suitable suppliers receive the documentation (Invitation to tender/ request for quotation).
NEW QUESTION # 138
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