...Dingle William La Salle BUS 315- Cost and Price Analysis 10-28-12 Abstract In order to compare and contrast Competitive Contracts and Sealed Bidding Contracts, I have to define each term. After defining the terms I have to explain which contract I think is the most valued contract alternative. Write a 1-2 page paper in which you compare and contrast sealed bidding and competitive proposals in terms of which are most advantageous to contractors. In order to do compare and contrast analysis of seal bidding contracts and competitive proposal contracts, I have to define each concept fully. After completing this task, then I can come to a decision in which I think which contract is the most suited to conduct business in my opinion. Sealed bid is the document enclosed in a glued (sealed) envelope and submitted in response to invitation-to-bid (ITB). Sealed bids received up to the deadline date are generally opened at a stated time and place (usually in the presence of anyone who may wish to be present) and evaluated for award of a contract. Competitive sealed bids are for purchases of items of tangible personal property; services and construction over $10,000 or $20,000 small purchase limits. Bids for construction contractors or heavy equipment purchases are good examples of a competitive sealed bid. Competitive Proposals is a procurement that meets the following criteria: 1. Is initiated by a request for proposals. 2. Accepts submission of timely proposals...
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...expect has to be reasonably estimated. However, that requirement shall not delay the accrual of the loss even if there are multiple amounts estimated. So ASC 450-20-25-5 states that the loss can be within a range of amounts that can be reasonably estimated. With all that being said, Wharton Co. lawyers have stated that the lawsuit is baseless and offered a settlement to the plaintiff of $100,000. If Wharton Co. goes through with the lawsuit, it is almost guaranteed that the costs will be greater than the settlement offer of $100,000. A reasonable estimate for that cost is not given however. So the plaintiff has made a counter offer of $350,000. While that may be more expensive than Wharton Co.’s offer, it would still be a much cheaper option than losing the lawsuit and possibly cheaper than the legal fees that would be accrued whether Wharton Co. wins the lawsuit or not. It is my opinion that Wharton Co. should take the plaintiff’s settlement offer of $350,000. It would allow the company to have a reasonable and safe number to record to the books while also potentially saving money from a lawsuit. With this amount, the contingent liability would be able to be recorded in accordance with ASC...
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...Group Name: | Jasen Turnbull | Section: | Sect 300 (2:30-3:45pm, Mon. & Wed.) | Date: | October 26th, 2010 | 1) There are several factors that give rise to currency exposure at AIFS. One of these is the fact that most of their revenues are denominated in USD ($) but most of the expenses they incur are in foreign currencies (mainly Euros and British Pounds). One of the reasons AIFS hedges currency is to protect themselves from changing foreign exchange rates. This also protects them from one of their 3 major types of risk – the bottom line risk, or the risk that foreign exchange rates could increase the firm’s cost base. The second type of risk AIFS encountered was sales volume risk. Since currency is traded based on projected sales, the actual sales amount at the end of the financial period could vary from the projections and a lower actual sales volume could be very damaging to AIFS financially. The third type of risk AIFS tries to hedge against is competitive pricing risk. This means regardless of how the exchange rates arep fluctuating, AIFS could not transfer rate changes into an increase in their price. Since AIFS does their banking with 6 different institutions, and maintains good, close relationships with each, AIFS is able to hedge with their lines of credit for each bank, rather than depositing funds in these banks to complete the transactions. This saves AIFS in transaction costs and the number of transactions since the banks know and trust them. The...
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...doesn’t know what to do in the situation because Peter is the best performer for the firm and finding a replacement is near impossible. Peter’s decision to look into accepting a job at another firm could affect the profitability of RSH because it will affect their overall ratings. Because of this predicament, Stephen is debating whether to offer a counter offer to Peter in attempt to get him to stay. Another option Stephen could consider is promoting Peter’s assistant Rina into Peter’s position even though Stephen doesn’t feel that Rina is fully qualified for the job she is looking to fill. Possible Alternatives There are a few alternatives that are available for Stephen to choose from. Stephen could choose to issue a counter offer to Peter in an attempt to keep him at the firm. Stephen could also give Rina, Peter’s assistant, the job opportunity with the hope that she will grow into the position and be profitable for the company. Stephen also has the option to look for employee’s outside of the organization to hire for the position. Each of these alternatives has the option to prove profitable for the firm. Pros and Cons of Alternatives The alternatives above should be critically evaluated so that the most effective choice for the organization will be made. In the scenario where Peter is offered a counter offer, it is important to look into all of the reasons why he was considering switching positions. If a pay increase is the only countermeasure offered by RSH, Peter would...
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...final offer/highest bid. 2. Question Number Three. Firm offers are irrevocable and have to be in signed writing, offeror must be a merchant, and the firm offer must contain assurances. An option the offeror has to promise to hold the offer open and pay consideration for the promise to hold the offer open. 3. Question Number Five. No, the agreement was not specific enough to be enforceable. Even though the school advertised the teachers’ specialty and experience there was no signed contract stating that they promised to meet her specific needs. 4. Question Number Six. No, because Meyer firmly rejected it which made it just for Chosnykas to accept another offer. 5. Question Number Seven. Yes, there was no contract made. 6. Question Number Eight. Yes, I believe AOL will succeed because even though click-on agreements are rarely read and sometimes can be questioned if they are right they are enforceable. 7. Question Number Nine. No, I believe that it was not specific enough especially did not state if it was a pre-diagnosed condition. 8. Question Number Ten. Yes and the terms of the contract stated that priority consideration would be given to those who submitted their application on or before April 1st which arson did not do in terms they did not have a contract. 9. Question Number Eleven. Yes, due to the fact that Rodziewicz’s was not specific in saying the total charges and only asked what the towing charges were and not the labor charges he...
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...not at a stake, the company has thought of certain strategies which will protect cash flows along with operating income. So the process of downsizing the risk of price increase for the crops and in order to do a sustainable business, the company should go adopting hedging tools. Hedging is a strategy, where in the corporations protects their cash flows and the business for the near futures and ensures that the profitability for the corporation is not at a risk. So the management of the company should ensure that there is adequate amount of hedging strategies followed to protect the cash flows. In connection with Thomas Foods, let us discuss that, the following hedging strategies which will support the business. (i) Future Contract: A future contract is a contractual agreement between two...
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...1) AIFS - There are several factors that give rise to currency exposure at AIFS. One of these is the fact that most of their revenues are denominated in USD ($) but most of the expenses they incur are in foreign currencies (mainly Euros and British Pounds). One of the reasons AIFS hedges currency is to protect themselves from changing foreign exchange rates. This also protects them from one of their 3 major types of risk – the bottom line risk, or the risk that foreign exchange rates could increase the firm’s cost base. The second type of risk AIFS encountered was sales volume risk. Since currency is traded based on projected sales, the actual sales amount at the end of the financial period could vary from the projections and a lower actual sales volume could be very damaging to AIFS financially. The third type of risk AIFS tries to hedge against is competitive pricing risk. This means regardless of how the exchange rates arep fluctuating, AIFS could not transfer rate changes into an increase in their price. Since AIFS does their banking with 6 different institutions, and maintains good, close relationships with each, AIFS is able to hedge with their lines of credit for each bank, rather than depositing funds in these banks to complete the transactions. This saves AIFS in transaction costs and the number of transactions since the banks know and trust them. The ultimate success of the hedging activities is determined by the final sales volume and the fair market value of the USD...
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...defendant (Miller) seller’s home. Defendant responded with a counter-offer. The plaintiff never accepted or rejected the counter-offer and believed the house was still on the market. The next day the defendant sold the house to the plaintiff-appellee (Segal). The plaintiff-appellants are suing for specific performance, as did the plantiff-appllee, in separate actions which were consolidated by the lower court. The counter-offer by the defendant did not constitute a binding and enforceable contract. The defendant then properly revoked the counter-offer by selling the property to plaintiff-appellee and thus gave plaintiff-appellants notice of that revocation. Procedural history: Appealed from Court of Appeals for North Carolina. Currently at Supreme Court of North Carolina. Issue: Was there a clear offer and acceptance between Normile and Miller? Holding: No, Miller’s counteroffer was a revoke of Normile’s offer since it was never accepted by both parties and was not a mirror image contract. Rule of Law: An offer is a promise to do something or to refrain from doing some specific thing. An offer is the manifestation of willingness to enter into a bargain, so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it. An acceptance is an offeree’s expression of assent or agreement to the terms of an offer. An acceptance must be unconditional, unequivocal, and properly communicated. Analysis: In this case, the plaintiff-appellants...
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...historical ruling, which came about in a time where the main and quickest form of business communication was by post. Through the decades other forms of communication have been invented which are now much speedier – telex, phone , fax and now instant messaging and email. Central requisites to the forming of a contract are those of offer and acceptance. The general rule in law states that acceptance is communicated, and has been received by the offeror . The ruling applies where the means of communication are deemed instantaneous Entores Ltd v Miles Far East Corpn (1955). The exception to this rule is the Postal Rule. Where post is the requested form of communication between parties or where it is an appropriate and accepted means of communication between parties, acceptance is complete as soon as the letter is posted. Even if the letter was mislaid or lost and does not reach the offeror. It is a requirement that the letter of acceptance has been properly posted London and Northern Bank (1900). It is found telegrams also fall under the postal rule. An issue that rises from the Postal rule is that there is a period of time, where person(s) are in the dark as to whether a contract is in existence or not. Courts have decided that the offeror assumes all the risk, as the offer is still open during the time the letter of acceptance is in the post Adams v Lindsell(1818). The decision was based on the fact that an acceptance of an offer could go on ad infinitum, back and forth between...
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...SHELLY RESENDEZ completed the Contract Creation Simulation for LAW/531 with the following responses: To enforce a contract, the following four requirements must be met. Determine if each requirement has or has not been met, and then explain your answer. Question 1: Offer: No Response: Bob offered to sell the car to MIke for $25,000. The offer was bound by the offeror. Terms were definitely and reasonably certain. The offer was communicated to the offeree. Now in general an offer is not effective until it is actually received by the offeree. Now when Bob called to tell him two write two checks Mike denied the offer and made a counter offer since the property was not even shipped or received to the offeree. Question 2: Acceptance: No Response: Mike accepted the offer of $25,000. Even though MIke agreed at first he changed his mind the following day. Question 3: Consideration: No Response: The offer of $25,000 was accepted by Mike until he counter offered for $20,000 changing the contract. Now the money was never received. Consideration must be given before a contract can exist. Question 4: A Lawful Object: No Response: The lawful object was the automobile offered but it was never given or received so the contract never existed Question 5: Do the parties have a contract at this point? No Why or why not? Response: no contract has been agreed upon just a counter offer by Mike. Question 6: Does U.C.C Article 2 (Sales), Section 201 apply in this situation...
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...is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been communicated to the offeror by the offeree. One party, the offeror, makes an offer which once accepted by another party, the offeree, creates a binding contract. The Key concepts in relation to offer and acceptance include the distinction between an offer and an invitation to treat, The case of Carlill v Carbolic Smoke ball co. is...
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...and contrast UCC contracts and common law contracts. UCC contracts and common law contracts are both governed by contract law. In other words, any contract that is written up has to follow the rules and regulations of contract law in all fifty States of America. Common law contracts are dictated by any changes in the contract. For instance, a change in a common law contract is seen as a rejection or a counter offer. When this happens it causes the offeree to change to the offeror and vice versa. Most importantly in order for a common law contract to be valid it has to have description, quantity, time, nature of the work or service, and an offer. UCC the Unified commercial code contract are still bonded if any change occurs. A binding contract will depend on the circumstances to the person that accepts the contract and to the person who drew up and wrote the contract and how much deviation to the contract. Also, a common law contract requires a consideration to keep a contract open but a UCC contract do not have too. Greg’s Part There are a few distinct differences between common law and UCC contracts. Common law contracts relate to transactions with real estate, services, intangible assets, and employment. UCC covers transactions with goods and tangible objects. Under common law, when the contract is has a change, it is a rejection and becomes a counter offer. With the UCC, even if there has been a change, it still may be a binding contract. There is also a...
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...Bradford could use these computers to set study dates with his partners allowing him to talk and communicate freely or even have live video-chats via the desktop. Pros: More options and interactions possible when using a computer like being able to send a document instantaneously and reviewing with his study buddy. The other thing he could do his work alongside his partners and create study guides or edit documents together via a computer. Cons: Bradford is restricted by the hours of library. Documents that are saved to the computer are automatically deleted at 4 in the morning. Bradford can only use the computers when he is at the library preventing him from communicating whenever and wherever he wants. Bradford must be able to talk to his friends when they are online meaning if they are not online and responding he could be waiting a long...
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...BSAD 341: BUSINESS LAW Semester: Fall 2011 Assignment # 2 - Case Study - Contract Law The Postal rule is an exception to the general rule of contract law in regard to the acceptance, which states that “acceptance in not effective until communicated to and received by the offeror”. The postal rule states that, by contrast, that acceptance takes effect when a letter is posted. The rationale given for the rule is that both parties nominates the post office as implied agent and therefore receipt of the acceptance by the post office is regarded as that of the offeree. The main drawback of the postal rule is that the risk of the acceptance being delivered late or lost in the post is placed upon the offeror. Thus acceptance is effective even when the letter is lost in the post. However, if the letter is lost or delayed in the post because the offeree has addressed it incorrectly the “postal rule” will not apply. To minimize the risk, the offeror can require actual receipt as a condition before being legally bound. The postal rule applies only to acceptance. Revocation is ineffective until communicated to the offeree, hence revocation by post is ineffective until the letter is actually received by the offeree. The implication of this is that it is possible for a letter of acceptance to be posted after a letter of revocation of the offer has been posted but before it is delivered, and acceptance will be complete at the time that the letter of acceptance was posted – which would...
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... and puts a letter in the mail to B revoking the offer; however, B puts a letter accepting the offer in the mail on January 3, and does not receive A’s revokation letter until January 4. Because B sent his acceptance before receiving A’s revocation, the mailbox rule dictates that B’s acceptance is effective. A will therefore be bound to the contract, and can no longer revoke the offer. Suppose, on the other hand, that A makes an offer to B on January 1, and B decides to reject the offer on January 2, and puts a letter in the mail to A rejecting the offer; however, the next day B changes his mind and sends A a fax accepting the offer. In this situation, whichever communication A receives first will govern. Under the mailbox rule, performance is a means of acceptance. If A orders 1000 blue coathangers, and B ships them out, that shipment is considered to be a conveyance of acceptance of A’s offer to buy the coathangers. Defective performance is also an acceptance, unless accompanied by an explanation. For example, if A orders 1000 blue coathangers, and B mistakenly ships 1000 red coathangers, this is still an acceptance of the contract. However, if B ships the red coathangers with a note that they sent these because they had run out of blue coathangers, this is not an acceptance, but rather an accommodation, which is a form of counter-offer. With the advent of modern technology, the mailbox rule has been expanded to cover all technology by which commercial communication...
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