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Exam 15: Purchasing Law and Ethics

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Question 1

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Contractual mistakes are covered under the UCC.

A) True
B) False

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Question 2

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Which of the following is not one of the actions a firm can take to enhance ethical behavior?

A) Wiretapping and security cameras.
B) Developing a statement of ethics.
C) Closer buyer-seller relationships.
D) Internal reporting of unethical behavior.
E) Commodity rotation and limits of authority.

F) A) and E)
G) B) and E)

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Question 3

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From a legal perspective, purchasing managers do not have a fiduciary obligation to act in the best interests of their employer.

Copyright is automatically assumed.

A/An _____ is a person or entity who has been authorized to act on behalf of some other person or entity.

Betty goes into Mimi's Wholesale Video Store and says to Mimi, "I want to buy 500 DVDs of the Last Vegas movie from you.I will pay you $10 for each DVD." This is an example of [a/an] _____.

The UCC allows the purchaser to reject the entire shipment, but not a part of the shipment, for cause.

On _____, the freight bill is presented on the effective date of the shipment.

A/An _____ is designed to afford protection for persons who create original works such as books, software, songs, and films.

_____ is defined as that body of the law that refers to how business firms (parties) enter into contracts with each other, execute contracts, and remedy problems that arise in the process.

A/An _____ is a set of promises between two or more parties the performance of which the law expects, the breach of which the law provides remedies.

A firm should not encourage suppliers to report instances of unethical behavior by anyone within the buying firm.

_____ can be defined as failure of one of the parties to live up to the terms and conditions of the contract.

The purchasing agency relationship is created between the employer and employee when the company hires an individual to perform the purchasing job.

_____ are equal to the difference between the value of the purchased goods at the time of delivery and the goods' value at the time of specified delivery.

_____ are those that result if the terms of the contract are not fulfilled and must be defined prior to the breach under the terms of the contract.

_____ involves giving preferential treatment to suppliers that are also customers of the buying organization.

Generally, honest mistakes by a single party to the contract will void the contract.

A/An _____ provision stipulates the mechanism to be used in determining any costs and damages to the injured party in the event of a breach of contract.

Which of the following is not a form of sharp practice?