Description
Reply: Mary Dykes
UNIT 3 – DISCUSSION BOARD:Legal Aspects of Business Decisions(MGT525-2305B-02)
Hello Class,
How do you know when a contract is formed?
A contract is formed when there is an offer on the table, specific terms made, acceptance of the offer, and when one party has been paid. If the contract is conditional it becomes carried out when the order has been met. The contract cannot be made until one of the parties makes the offer and it is accepted. A contract is also formed when a commitment arises and an agreement is made between the parties involved. This means that if there are any questions they should be addressed before agreeing to the offer of accepting the conditions of the contract. Once everything is taken care of as far as the concerns and the offer once it is accepted it is now a legal and binding agreement. This means if one of the parties breaks the agreement then they can be sued for breach of contract. Everyone involved in this contract must do their part to make sure that there is no breach of contract on either part.
If there is conflicting language in the buyer’s purchase and seller’s confirmation, which language is binding?
When there is conflicting language in the buyer’s purchase order and the seller’s confirmation the language of the seller is binding. A contract that has been done in full is called an executed contract, this contract is also one that has been signed and agreed by the parties involved. The purchase only becomes legally binding when the seller agrees to the offer. After it is agreed upon the buyer must make all the necessary payments and the seller must deliver all products ordered. If this is not then on either part then there will be a breach of contract and it can cost a lot more money because you probably end up in court.
Reply :Leigh Anne Voss
Legal Aspects of Business Decisions(MGT525-2305B-02)
Good morning, class.
The process of contract formation is an aspect of business transactions that requires attention to detail and keen understanding of implications as a legal framework for the relationship between parties. (Nieto, 2019) In order to achieve a valid contract formation, it must first succeed the elements such as an offer, acceptance, consideration and intention. By verifying each of these steps, the contract can be considered a legally binding document shared between two entities. Clear verbiage in the contract must also be agreed upon, as it articulates nuance in industry standards. This area is unfortunately where potential conflicts arise, as the language may be directly tied to misinterpretation. (Baughman, 2018)
One way to determine if a contract has been formed correctly is by looking at the actions or communications of the parties involved. An offer is typically made by one party and accepted by the other, either verbally, in writing or, though conduct. (Smith, 2017). Once the contract is accepted, the contract is considered to be formed. That being said, if there is in fact conflicting or ambiguous language in the buyer’s purchase order and the seller’s confirmation, it can perpetuate a dispute over which the terms are binding. (Nieto, 2019) These situations require careful reflection of intention of the parties and the overall purpose for the contract. If the conflicting language does prove to be essential after review, then it may be considered binding. However, if it is deemed non-essential, then the court may apply the principle of contra proferentem; any ambiguities in the contract are interpret in favor of the party that did not draft it. (Smith, 2017)
In cases where conflicting language is categorical or clear, the court will enforce terms as they are written. This highlights the importance of carefully reviewing and negotiating the terms of a contract prior to forming it. (Nieto, 2019) Additionally, parties can include a merger clause, which states that the written contract is the complete and final agreement between parties, to avoid confusion or disputes. (Smith, 2017)
Reference,
Baughman, K. (2018) Conflicting Language in Contracts: How to Navigate the Gray Areas. International Journal of Contract Law, 20(3), 45-56.
Nieto, M. (2019). Contract Formation: Understanding the Basics. Journal of Business Law, 45(1), 23-34.
Smith, J. (2017). The Principle of Contra Proferentem in Contract Interpretation. Harvard Law Review, 10(2), 67-80/
Response Emma Colquitt: Business Research and Decision Making(MGT510-2305B-01):
Hello class,
As a small business owner, sometimes there is not enough in the budget to advertise. Therefore, it is crucial to satisfy my clients, as word of mouth is the best advertisement and doesn’t cost anything. Even with that, evaluating progress and company growth is essential to determine what can be improved. To gather insights, I conduct one-on-one interviews with my clients, putting myself in their shoes and asking myself if I would be happy with my service. During these interviews, I ask my clients about their experiences, satisfaction levels with my company, and any issues they’ve had. My goal is to ensure a diverse range of perspectives and experiences are captured.
My company is small, and I only handle 3 to 5 clients at once. Once I reach that quota, I only take on new clients once a decision has been made on the current client and their cases have been closed out. However, I interviewed past and present clients, and during our interview, we talked about my availability, service, and the cost of my services. Out of the 15 clients I interviewed, which included past and present, three provided negative feedback, all about availability. They could not contact me, or their calls were not returned promptly.
I analyzed the identifying themes in-depth, explored the root cause of their dissatisfaction, and summarized the findings in a report highlighting my key insights and improvement areas, including direct quotes from each client. I evaluated the extent to which the qualitative analysis provided actionable insight. My findings were clear and gave me concrete steps for improvement. The data I gathered helped me with client satisfaction.
To resolve my issue, I set office hours when I was available. I also let my clients know how long it would take to return a call and listed an emergency number I can be reached 24/7 for emergencies, with an extra charge for after-hours calls. This information was posted and visible to the client, and it was also written in the contract. Business is currently good, and I have a waiting list of clients.
Qualitative analysis techniques played a crucial role in helping me gain deeper insights into various aspects of my operation, my customers, and my market dynamics. These techniques contributed to my comprehensive understanding of my business operations’ human and contextual aspects. This understanding, in turn, enabled me to make informed decisions, enhance customer satisfaction, and adapt to a dynamic and competitive environment.
Tenny, S., Brannan, J. M., & Brannan, G. D. (2022). Retrieved from https://www.ncbi.nlm.nih.gov/books/NBK470395/
Reply: Veronica Bowens Brown
: Business Research and Decision Making(MGT510-2305B-01):
Hello fellow classmates and instructor Perev. This week’s discussion called for a little extra attention. Because analyzing is not always the easiest or my strongest attribute. In order to analyze the data and answer the question effectively, I employed a systematic approach that involved several key steps:
Data Collection: The first step was to gather relevant data from authoritative and factual sources. This involved accessing databases, academic journals, government reports, and reputable websites to ensure the information collected was reliable and accurate.
Data Cleaning: Once the data was collected, it was essential to clean and preprocess it to ensure its quality. This involved identifying and handling missing or inconsistent data, removing duplicates, and standardizing the format of the data for consistency.
Exploratory Data Analysis (EDA): EDA was conducted to gain insights into the characteristics of the data. This involved using statistical techniques and visualization tools to understand the distribution of the data, identify patterns, and detect outliers.
Hypothesis Testing: Depending on the nature of the question or problem at hand, hypothesis testing was employed to make inferences about the population parameters based on sample data. This helped in drawing conclusions and making decisions based on statistical significance.
Statistical Modeling: In some cases, statistical models such as regression analysis, time series analysis, or machine learning algorithms were utilized to analyze the relationships within the data and make predictions or classifications.
Interpretation and Reporting: The final step involved interpreting the results of the analysis and reporting the findings in a clear and concise manner. Visualizations, summary statistics, and actionable insights were presented to effectively communicate the outcomes of the analysis.
Effectiveness of Analysis Technique
The analysis technique employed proved to be highly effective in answering the question or resolving the problem for several reasons:
Reliability: The use of authoritative and factual sources ensured that the data used for analysis was reliable and trustworthy, leading to credible conclusions.
Comprehensiveness: The systematic approach encompassed various methods such as EDA, hypothesis testing, and statistical modeling, allowing for a comprehensive understanding of the data from different perspectives.
Insight Generation: The analysis technique facilitated the generation of valuable insights by uncovering patterns, trends, and relationships within the data that were crucial in addressing the question or problem at hand.
Actionable Recommendations: By interpreting and reporting the findings effectively, actionable recommendations could be derived from the analysis, providing practical solutions or guidance based on evidence.
Robustness: The technique’s robustness was evident in its ability to handle diverse types of data and adapt to different analytical requirements based on the nature of the question or problem.
In conclusion, through a meticulous process of data collection, cleaning, exploratory analysis, hypothesis testing, statistical modeling, interpretation, and reporting, the analysis technique proved to be highly effective in addressing the question or resolving the problem at hand.
Honestly, in my line of work I do a bit of both quantitative an analysis. Most of my work is visual. Then the other part is physical. Both physical and visual is notated and entered the back office. Once the numbers are entered into the back office. The paper trail begins. In return I am able to go back and look at all the data of what we used. Then base my numbers off that, the next time the items are offered. We are on a three-week cycle. So, it makes it easier for me to go back view the numbers and build from there. My job is all about the data and the numbers. Always creating a paper trail and key strokes. Thank you all for reading my post this week. I hope that you all have a safe, yet great holiday.
Veronica Bowens Brown
Reference
PubMed Central
National Institutes of Health (NIH)
IEEE Xplore Digital Library
Saunders, M.N. K., Thornhill, A., & Lewis, P. (2020). Research Methods for Business Students (8th ed.). Pearson International Content. https://aiu.vitalsource.com/books/9781292208800
