Indian contracts act. All the essential elements of the valid contract are applicable to sale of goods also viz offer and acceptance, free consent, capacity of the patties, consideration etc. but there are some special feature are there in sales of goods. Like ➢ conditions and warranties. ➢ when the ownership of the goods sold pass to the buyer. ➢ in what circumstance a buyer acquires a good title over the goods. ➢ the duties and rights of the seller and buyer What is a Contract of
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Hi Nika, Just like in any quantitative analysis approach, LP (Linear Programming) aids the decision making process of manufacturing businesses like Mexicana wire works. Our solution will help them create the right product mix that will maximize their profit. Both group recommends that for the month of April, Mexicana should manufacture 1100 units of W0075C (300 units backorder), 250 units of W0033C (no backorder), no W0005X (1510 units backorder) and 600 units of W0007X (516 units of backorder)
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Supplier selection is the process by which firms identify, evaluate, and contract with suppliers. The supplier selection process deploys a tremendous amount of a firm’s financial resources. In return, firms expect significant benefits from contracting with suppliers offering high value. This article describes the typical steps of supplier selection processes: identifying suppliers, soliciting information from suppliers, setting contract terms, negotiating with suppliers, and evaluating suppliers. It highlights
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This paper is to discuss and analyze various elements in the formation of contract using legal provisions in Contract Act 1950 of Malaysia and legal precedence. 1. What is a contract? According to section 2(h) of Contract Act 1950 (hereinafter referred to as CA1950), a contract is an agreement enforceable by law. There is a common misconception that the term ‘agreement’ is interchangeable to the term a ‘contract’. In fact, this is legally incorrect. An agreement is simply an unconditional
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procurement/contracting community to implement large chucks of the legislation and has brought tremendous challenges (through new rules and laws) into the area of contract administration. The burdens of the Recovery Act have been enormous for the contract community because of the enormous oversight required of the funds and contracts associated with the Recovery Act itself. Federal Acquisition Regulations (FAR) should never have been burdened with these extensive responsibilities The purpose
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Outsourcing fms It should be remembered that the globalization has changed the rule of the game. It is important for corporate to focus on their core competency and get the other work done through competent professional agencies. This would help corporate derive the benefits of higher profitability through better efficiency and productivity. Reasons for outsourcing fms * To concentrate on the core activities * To minimize industry uncertainty * To get higher durability and performance
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Embedded in certain contracts are several types of incentives; cost, performance, and delivery that encourage contractors to perform within contract requirements. Burleson states that cost-incentive contracts are the most common and the target profit or fee is established at the start of the contract. “Full profit or fee is paid when the actual cost meets the target cost. A fee reduction results when the actual cost exceeds the target cost, and an increase in profit or fee results from actual cost
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explain three stages of Contract law, Offer, Acceptance and Revocation and how they apply to the given situation. As a marketing strategy Winder Ltd placed an advertisement in the ‘Dailey News’ newspaper and on their website offering ‘Free unlimited E-Books for a year available to its first 30 new customers, stating they must apply on-line before the 5th November 2011. By taking up this offer the reader will be entering into a contract with Winder Ltd. A contract is a legal agreement and
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Sources of Pakistani Mercantile Law Mercantile law is a part of civil law. It governs and regulates the trade and commerce in the country. Mercantile law deals with the needs of a business man. This includes laws relating to insurance, partnerships, contracts, companies, negotiable instruments, arbitration, carriage of goods etc. A mercantile law in Pakistan is taken from the English law. So it follows the English laws to a considerable extent with some modifications and reservations to suite with the
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Essentials of a Contract As a senior manager in the procurement section of the Ministry, I would advise the following: there was a contract i.e. an agreement; an offer and its acceptance, an agreement that had essential elements. The first was that there was a proper offer and acceptance which were officially and unconditionally communicated. Further there was an intention to create a legal relationship by the two parties after fulfillment of the tender requirements, to construct a modern administration
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