QUESTIONS ANSWERS GRADED A+
◉ Cooley Doctrine. Answer: Local government is a matter of
absolute right and the state may not take it away.
◉ Forms of NJ Municipal Government. Answer: Boroughs,
Commissions, Municipal Mgr, Town, Township, Village, and Cities.
Optional Faulkner Act.
◉ What is 'common rule'?. Answer: State and cities are required to
adhere to Federal laws. Must do the stricter of the them.
◉ The purpose of the Uniform Commercial Code:. Answer: a. to
simplify, clarify and modernize the law governing commercial
transaction; b. to permit the continued expansion of commercial
practices through custom, usage and agreement of the parties; and c.
to make uniform the law among the various jurisdictions.
◉ What is the 'Battle of the forms'?. Answer: The battle of the forms
generally refers to the situation where buyers send out purchase
orders and sellers respond with sales acknowledgement forms but,
although the fronts of the documents basically match up, the backs
are fundamentally different.
,◉ warranty of title. Answer: The seller warrants that the title being
conveyed is good and that the transfer is lawful.
◉ Expressed Warranty. Answer: an oral or written statement by the
seller
◉ Implied Warranty of Fitness for a Particular Purpose. Answer:
Seller is aware of the purpose of the need of buyer and that the
buyer expects those goods to meet that need.
◉ 3 Ways agents are given authority. Answer: 1. Express Authority -
Public Purchasing must be in writing. 2. Implied Authority -
Unstated but necessary to perform one's duty for an employer. 3.
Apparent Authority - Supplier believes authority exists and is not
told otherwise.
◉ Nature of Contract. Answer: Is either expressed or implied. It is
promise(s) that the Law of Contracts recognizes and a remedy is
available for breach.
◉ Basic characteristics of a contract. Answer: Any agreement,
written (PO)or otherwise, that is legally binding, in which a vendor
is providing goods or services in exchange for compensation.
, ◉ Four elements must be present in any contractual situation.
Answer: 1. Capable parties 2. Mutual Consent 3. Lawful Objective 4.
Sufficient reason to contract (consideration)
◉ To form a contract there must the following:. Answer: 1. Offer 2.
Acceptance 3. Consideration
◉ Contract Conditions. Define Guarantee and Warranty. Answer:
Guarantee is to reduce buyer's sense of risk. Warranty is a promise
of certain quality and conform to certain standards. To protect buyer
from poor workmanship and defects.
◉ Types of Contracts. Answer: 1. Firm Fixed Pricing 2. Agreement
with Escalation Provisions 3. Open Ended 4. Lease 5. Lease with an
option to purchase 6. Time and Material
◉ Methods of selecting vendors. Answer: 1. Competitive Contracting
2. Proprietary 3. Competitive Quote 4. Emergency Contract
5.Competitive Sealed Bidding
◉ Define Public Purchasing. Answer: Process of obtaining goods and
services for the public in accordance with law and procedures in an
effort to spend public funds in the most economical way possible.
◉ The six R's. Answer: Right Quality