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Lecture Purchasing and supply chain management (3/e): Chapter 3 - W. C. Benton

Chapter 3 - The legal aspects of purchasing. The legal aspects are presented in chapter 3. The purchasing professional in an organization must be able to understand the legal aspects of the purchasing function. The relationship between ethics and the law is complex. | 1 Chapter 3: The Legal Aspects of Purchasing Purchasing and Supply Chain Management, Copyright 2013. W. C. Benton Jr., All rights reserved Purchasing manager The purchasing manager is an agent for the firm. The agency concept: An agency relationship requires at least three parties: the principal the agent the one with which the agent conducts business on behalf of the principal 2 Authority of the Purchasing Manager The three types of purchasing authority: 1. Express authority 2. Implied authority 3. Emergency authority 3 By the principal Occurs automatically when appointed Stated in company bylaws By law Occurs at the time the principal expressively grants authority Protecting the principal’s rights when a consultation with the principal is impossible at the time Legal Requirements of a Purchase Contract According to laws, a legal transaction requires all four components: The parties must be capable. The subject of the matter must be legal and valid. There must be mutual . | 1 Chapter 3: The Legal Aspects of Purchasing Purchasing and Supply Chain Management, Copyright 2013. W. C. Benton Jr., All rights reserved Purchasing manager The purchasing manager is an agent for the firm. The agency concept: An agency relationship requires at least three parties: the principal the agent the one with which the agent conducts business on behalf of the principal 2 Authority of the Purchasing Manager The three types of purchasing authority: 1. Express authority 2. Implied authority 3. Emergency authority 3 By the principal Occurs automatically when appointed Stated in company bylaws By law Occurs at the time the principal expressively grants authority Protecting the principal’s rights when a consultation with the principal is impossible at the time Legal Requirements of a Purchase Contract According to laws, a legal transaction requires all four components: The parties must be capable. The subject of the matter must be legal and valid. There must be mutual consideration . The parties must reach an agreement by offer and acceptance. 4 Components of an Offer Three components: Intent to make an offer. Communication of the offer intent. Identification of the specific subject matter. 5 The Four Outcomes to an Offer The offer may lapse. Time Limits of an Offer: Specified E.g., immediate acceptance Unspecified Reasonable period according to law The offer may be rejected. Either verbal or written If the offer is amended, it becomes a counter-offer 6 The Four Outcomes to an Offer (cont.) The offer may be revoked. According to the law, an offer can be revoked anytime before it is accepted. However, this should be avoided if possible. The offer may be accepted. A contract is made 7 Terms of Contracts Quantity An offer must express a fixed quantity of a sale. A contract that does not specifically express quantity is unenforceable. The unit of measure of quantity is unique to the industry. E.g., Concrete is quoted in cubic yards. Quality 8 Terms of Contracts .