CUL 129 CHAPTER 6 Test / Revised
Questions and Answers / Sure A+
Acceptance (Contract) - An agreement to the exact details of an offer
Backorder - A situation that occurs when a vendor does not have the products required to fill a
purchaser's order
Bid - A price quotation from a vendor
Boiler Plate (Contract Language) - Contract clauses that do not change even though the contracts
are developed for use with different vendors selling different products
Consideration (Contract) - The payment to be made in exchange for the promise contained in the
contract
Contract - A legally enforceable agreement or promise
Counteroffer - An offer made in response to another offer that was not acceptable
Enforceable (Contract) - A contract that is recognized as valid by the courts and is, therefore,
subject to the court's ability to require compliance with its terms
Expedite - To perform activities that hasten the delivery of products that have been ordered but
not yet received
Express Contract - A contract in which the components of the agreement are clearly understood
and are stated orally or in writing
How can technology assist in ordering products? - It maintains an ongoing count of inventory
Questions and Answers / Sure A+
Acceptance (Contract) - An agreement to the exact details of an offer
Backorder - A situation that occurs when a vendor does not have the products required to fill a
purchaser's order
Bid - A price quotation from a vendor
Boiler Plate (Contract Language) - Contract clauses that do not change even though the contracts
are developed for use with different vendors selling different products
Consideration (Contract) - The payment to be made in exchange for the promise contained in the
contract
Contract - A legally enforceable agreement or promise
Counteroffer - An offer made in response to another offer that was not acceptable
Enforceable (Contract) - A contract that is recognized as valid by the courts and is, therefore,
subject to the court's ability to require compliance with its terms
Expedite - To perform activities that hasten the delivery of products that have been ordered but
not yet received
Express Contract - A contract in which the components of the agreement are clearly understood
and are stated orally or in writing
How can technology assist in ordering products? - It maintains an ongoing count of inventory
