...Procurement Law Overview, Part One Procurement and Contract Law Procurement Law Overview, Part One The purpose of this paper is to provide an overview of procurement law. There are three different branches of Government: Legislative, Executive, and Judicial. In the United States, the Office of Federal Procurement Policy (OFPP), the Defense Acquisitions Regulations (DAR) Council, and the Civilian Agency Acquisition (CAA) Council determine federal procurement policies by its legislative action and recommendations. Those are then published in the Federal Acquisition Regulation (FAR). The FAR is issued jointly by the Department of Defense (DOD), the General Services Administration (GSA) and the National Aeronautics and Space Administration (NASA). It applies not only to direct purchases made by the government, but also to purchases made by federal grant recipients (Feldman, 2010). The government procurement team is made up of the Contracting Officer (CO), Administrative Contracting Officer (ACO), and Termination Contracting Officer (TCO). The government planning process consists of market research and an internal source search before they proceed with full and open competition which allows all responsible sources to submit either a sealed bid or competitive proposal on the procurement. The market research consists of availability and quantities of items, and reasonable prices. Internal sources include existing inventory, excess from other agencies, and federal prisons (Feldman...
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...Based on the issues, discuss that whether age of Johan has the capacity to enter into those contract or not? Besides that,whether Johan's acceptance is valid and Johan refuse is a breach? According to section 11,person is competent to contract who is on the age of majority according to the law which he is subject is 18 years old. So at the under age of 18 years old ,they would not be in an agreement or contract. But it would have few element that can go into contract there is necessaries thing such as food, cloth, insurans, and scholarship.According to section 16(2b),the person sign a contract is under influence such as affected by age or bodily distress. At contract amendment act 1976, according to the section 4,it stated that the scholarship does not bine to any of the contract law under the age of majority act 1971. If the person who sign the scholarship contract is not the age of majority and any scholarship agreement or contract cannot be contray to any provisions of law. Besides that, to form and sign a contract ,we must contain the 6 element. There are offer, acceptance, consideration, certainly, capasity and Intention to create legal relation(ITCLR). Offer is when anybody filling to offer a offering to anybody or any contract.Acceptance is a offer that have given to someone and the person have agree and accept the offer. Consideration is at the desire of the promisor, promise has done or obtain from doing or does or abstain from doing. Consideration also can say as...
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...Business Law Examination |1. |Describe why or why not an order from the president to raise minimum wage would be permissible. | | |I think raise minimum wage from the president would be permissible. And raising the minimum wage right| | |now is more important than ever. Minimum wage increases stimulate the economy by increasing consumer | | |spending, without adding to state and federal budget deficits. Consumer spending drives 70 percent of| | |the economy, and increasing demand is key for jumpstarting production and re-hiring. A raise in the | | |minimum wage puts money into the pockets of low-income consumers, who immediately spend it at local | | |businesses. The Economic Policy Institute estimates that the Fair Minimum Wage Act of 2013, which | | |would raise the federal minimum wage to $10.10 per hour, would generate $32 billion in new economic | | |activity in communities across the country. Strengthening the minimum wage can help build a | | |sustainable economic recovery – without increasing costs for taxpayers. | | | | |2. |Discuss one of the provisions in the contract that you signed and brought to class, and describe ...
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...retired from government contracting work and established a consulting company (fully consistent with government ethics laws and rules, of course) with the primary focus of advising potential government contractors and subcontractors. Mr. Johnny Jones, of The Johnny Jones Flooring and Construction Company has approached you with a question. Jones and his company are potential subcontractors (they, obviously, specialize in flooring) on a federal construction contract worth a little over two million dollars ($ 2,000,000.00) recently awarded to the Jimmy Smith Construction Company (Jimmy Smith, the prime contractor). Neither Johnny nor his company have ever been part of a government contract before. He wants to know the ramifications associated with being a subcontractor on such a contract. His specific concerns are with protecting his ability to directly protest issues and concerns through the various courts and agencies able to handle such protests. He is specifically concerned that he may be left with only the option of suing Jimmy Smith if anything goes wrong on the contract. He would also like to have some assurance that he will get paid if the prime contractor becomes insolvent. You have agreed to steer Johnny in the right direction. What do you tell him? Include the rationale for your advice. I would explain that he does have the right to sue the prime contractors under the Miller Act and they also would be able to take action against the government if the prime...
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...enforceable contract is that the object of the contract must be lawful. Most contracts that individuals and businesses enter into are lawful contracts that are enforceable. • These include contracts for the sale of leases; licenses; and other contracts. • Some contracts have illegal objects. That such contract is VOID and therefor unenforceable. These are called Illegal contracts. Contracts Contrary to statutes • Federal and State legislatures have enacted statutes that prohibit certain types of conduct. Contracts to perform activities that are prohibited by statute are illegal contracts. • Ex. An agreement between two companies to engage in price fixing in violation of federal antitrust statutes is illegal and therefore void. Thus, neither company to this illegal contract can enforce the contract against the other company. Usury Laws • State usury laws – set an upper limit on the annual interest rate that can be charged on certain types of loans. • Vary from state to state, Lenders who charge a higher rate that the state limit is guilty of usury. • Laws intended to protect unsophisticated borrowers from loan sharks and others who charge exorbitant rates of interest. • Most states have criminal and civil penalties for making usurious loans. o Some states make lenders remit the difference between the interest rate charged on the loan and the usury rate to the borrower. Other States say lenders can collect any interest at all. o Usury Loan = Void contract. • Ex...
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...Procurement and Contract Law 26 February 2012 Introduction The Federal Acquisition Regulation (FAR) is a set of principles that govern the government procurement process. It regulates the purchasing of goods and services by the government. The FAR is codified in Title 48 of the U.S. Code of Federal Regulations. It is prepared, issued, and jointly maintained by the Secretary of Defense, the Administrator of General Services, and the Administrator of the National Aeronautics and Space Administration subject to the approval of the Administrator of Federal Procurement Policy. This research paper will explain the FAR Section 52.242-17: Government Delay of Work and provide a theoretical example. Assignment #4 Section 52.242-17 When a fixed-priced contract is considered for supplies other than commercial or modified-commercial items, a Government Delay of Work clause (FAR Section 52.242-17) is inserted (Feldman, 2010). This clause provides for the administrative settlement of contractor claims that are a result of delays and interruptions in the contract work caused by the acts, or failures to act, of the contracting officer. This clause is not applicable if the contract otherwise specifically provides for an equitable adjustment because of the delay or interruption; e.g., when the Changes clause is applicable. The clause does not authorize the contracting officer to order a suspension, delay, or interruption of the contract work and it is not be used as...
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...In the summer of 2012, JPMorgan Chase, the biggest U.S. bank, announced trading losses from investment decisions made by its Chief Investment Office (CIO) of $5.8 billion. The Securities and Exchange Commission (SEC) was provided falsified first quarter reports that concealed this massive loss. Use the Internet or Strayer databases to research a different bank of your choosing. Write a five to six (5-6) page paper in which you: Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy. Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. Compare and contrast the differences between intentional and negligent tort actions Discuss the tort action of “Interference with Contractual Relations and Participating in a Breach of Fiduciary duty” and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action. With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation. Use at least three (3) quality references. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these...
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...promise to another. The contract is a bargaining process. In other words, to consider there is a consideration, Teresa must provide benefits to the volunteers for their performance. It is known in the articles that the volunteers are voluntary to provide service because some of them are from Gaslight Production and some of them are willing to help Teresa. Their actions are voluntary, which means that Teresa does not provide any benefits to them. However, Teresa still asks them to sign the contract. In this situation, because Teresa does not provide any benefit to the volunteers, there are no considerations, even though the contract has been signed. Conclusion: Finally, there is no intention and acceptance between Vera and Teresa, so there is no contract between them. In addition, the volunteers and Teresa also do not have the contract because of the lack of consideration even though the other three elements of contract law have been satisfied. Thus, when several volunteers join in another second hand clothing store with Vera Lin, they do not break the contract law because the previous signed contracts are not valid. They are not enforced by law and Teresa cannot sue them by breaking the contract law. Suggestion: Teresa cannot sue the...
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...performance as a ground to avoid the contract: critical analysis based on Indian case law ANAND J NAIR 3 BA LLB ‘C’ 1316211 SCHOOL OF LAW, CHRIST UNIVERSITY Submitted to- Ms Jayanthi Bai H.L IMPOSSIBILITY OF PERFORMANCE. INTRODUCTION In some cases, a contract can be ended even before the parties have the chance to fulfill their contractual duties and responsibilities. This is known as “contract termination” or “termination of contract”, and can be based on many different grounds. Some common grounds for contract termination may include: * Fraud: Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain . As a legal construct, fraud is both a civil wrong (i.e., a fraud victim may sue the fraud perpetrator to avoid the fraud and/or recover monetary compensation) and a criminal wrong (i.e., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities). Defrauding people or organizations of money or valuables is the usual purpose of fraud, but it sometimes instead involves obtaining benefits without actually depriving anyone of money or valuables, such as obtaining a drivers license by way of false statements made in an application for the sameContracts can’t be based on deception or fraud (such as fake documents, etc.) * Mistake: when a party enters into a contract, without the knowledge of the law in the country, the contract is affected by such mistakes but it is not void. A contract is not voidable because it was...
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...Black’s Law Dictionary, indemnity can be defined as “ the right of an injured party to claim reimbursement for its loss, damage or liability from a person who has such a duty” The term ‘indemnity’ was generally used for insurance contracts, but it should be noted that Life insurances does not come under the ambit of contract of indemnity, as it was held in the case of Oriental Fire and General Insurance Co v. Savoy Solvent Oil Extractions Ltd. The concept of indemnity even though was introduced by the government of the crown, when India was a colony under the British empire, there exists a significant difference between...
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...Question #1 (AICPA.080977REG-1C) | | | (NOTE: This is a CPAexcel simulated Exam Question, not AICPA licensed Material) Tax preparer Margie is wondering: Why should CPAs make reasonable efforts to obtain and provide for the client appropriate answers to all questions on a tax return? | A. The question may be important in determining taxable income or loss, so its omission may detract from the quality of the return. | | B. The CPA is obligated to sign the preparer's declaration, which states that the return is true, correct, and complete. | | C. A and B. | | SSTS No. 2 lists both A and B as grounds for attempting to answer all questions on a return. | | D. None of the above. | Question #2 (AICPA.151005REG-BL) | | | A client suing a CPA for negligence must prove each of the following factors except | A. Breach of duty of care. | | B. Proximate cause. | | C. Reliance. | | C is the best answer, for reliance is not an element of the negligence cause of action. | | D. Injury. | Question #3 (AICPA.082031REG-1 C) | | | Which of the following is true? | A. Client Tim told CPA Cho that he wished to take a particular deduction that Cho knows must be documented. Cho should ask Tim whether he has kept, or could obtain, the relevant documents. | | SSTS No. 3 provides that a CPA should make "appropriate inquiries" to determine whether a condition for deductibility or other tax treatment has been met. | | B. CPA Harris asked...
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...Contract is an agreement between two or more persons (individuals, businesses, organizations, or government agencies) to do or to refrain from doing, a particular thing in exchange for something of value. Contracts can be generally written using formal or informal terms or they can be entirely verbal. In Malaysia, Contracts are governed by Contract Acts 1950 (revised 1974) by virtue of Section 5 Civil Law Act 1956. In Section 2(h), CA 1950, a Contract is an agreement enforced by law and social agreement is not included. All essential elements must be fulfilled together and it not an alternative. In Section 10 CA 1950, it is clearly said that Contract must be clearly made by free consent with all the relevant parties involved. There must be 6 elements must be fulfilled when a contract is done. The six elements are: 1. Offer 2. Acceptance 3. Intention 4. Consideration 5. Certainty 6. Capacity A Contract can be voidable if it is made in the presence of the following criteria and it is clearly define in Section 14 Contract Act. 1. Coercion 2. Undue Influence 3. Fraud 4. Misrepresentation 5. Mistake In Section 13, CA 1950, it is also clearly stated that two or more people must consent when they agreed upon to same thing in the same sense before signing a Contract. It is also mentioned in Section 19 CA 1950. A contract can also be an illegal contract and cannot be enforceable by law as stated in Section 2(g) CA 1950. In Section 24, CA 1950, it is also stated that a Contract...
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...1. Some of the differences between the UCC laws and traditional law of contracts are as follow: --The UCC does not control the contracts between companies and the traditional law does, UCC only controls the sale of goods. The traditional laws are standards that have been set different types of judges over the years that have been formed into a law. UCC laws and regulation are not set by judges if not by the government in which many of the states are starting to adopt. They are different in the aspect that when a lawsuit is brought in front of a judge or court they have to determine which law to apply to the case. Common law refers to many different type of laws that have been set and UCC only refers to one of them and that is the sale of goods. 2. Unconscionability = This describes a term that is used in contracts which provides and enforcement to make sure that term in the contract are followed correctly. There will be an enforcement of the contract to make sure that one party is not favored when making the contract. Example would be a seller of a good such as food, shelter, offers a contract between both parties. Promissory Estoppel = This is where a person is denying, or not wanting to understand or approve of a certain law. A good example would be a mother and a daughter the mother advises her that if she passes away the inherence will be hers. The mother passes but never changes her will to add the daughter, but the daughter believes she has the right...
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...Business Law I Test Quiz 3 Instructions This quiz consist of 20 multiple choice questions. The first 10 questions cover the material in Chapter 7. The second 10 questions cover the material in Chapter 10. Be sure you are in the correct Chapter when you take the quiz. • Question 1 4 out of 4 points ________ damages compensate a party for losses that occur as a foreseeable result of the breach. Answer Selected Answer: Consequential Correct Answer: Consequential • Question 2 4 out of 4 points Conditions ________ occur when the mutual duties of performance are to take place simultaneously. Answer Selected Answer: concurrent Correct Answer: concurrent • Question 3 4 out of 4 points A third party beneficiary is someone who is not Answer Selected Answer: a party to the original contract. Correct Answer: a party to the original contract. • Question 4 4 out of 4 points Which of the following was the result in Copeland v. Baskin Robbins, the case in the text involving the issue of whether a party may be held liable on the theory that the party wrongfully failed to engage in contract negotiations? Answer Selected Answer: That a party may be held liable for breaching an agreement to engage in negotiations but that the plaintiff must establish damages based on reliance on any such agreement. Correct Answer: That a party may be held liable for breaching an agreement...
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...Running head: BUSI 561 Contract Analysis BUSI 561 Contract Analysis / Week 3 Demetria Barlow Liberty University BUSI 561 Contract Analysis / Week 2 The case presented here in this contract analysis is a very sticky situation. Here we are faced with the combination of two very different relationships between the same two parties. I would find myself quite surprised at the reaction of Mr. Petersen upon telling him about the direction in which my business is about to go. According to the facts presented, I have always tried to display the traits of a good merchant when it came to Mr. Petersen. However, as the evidence reflects, Mr. Petersen seems to be more driven by money than he is by maintaining good business practices. It has already been proven that Mr. Petersen is a nonbeliever. With that being said, it is a good possibility that we do not share the same moral beliefs and values. This is proven in the way Mr. Petersen chose to do business. First, all business invoices clearly state that balances are to be paid within thirty days. However, Mr. Petersen has constantly decided to pay on his own schedule, usually forty five to sixty days. Although I have every right to charge him interest and penalties as stated on the invoices, I have always elected not to do so. Secondly, one would believe that their business partner should be trustworthy. Mr. Petersen has proven that this is not so by getting my son to sign a contract without my knowledge and then trying...
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