COMMERCE 4OD3 Lecture Notes - Lecture 5: Oral Contract, E-Procurement, Purchase Order
13 Dec 2018
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Right of rejection: the buyer has the right to reject the purchase material. This could happen upon delivery (if there is inspection on receipt) or within a certain time period (if inspection happens at a later time. Implied warranty: it is the contract as a matter of law (more of an assumption, buying food you expect it to be cooked and edible: expressed warranty: it is clearly stated (or expressed) either verbally or in writing. Honest mistakes: mistakes do not automatically make contracts unenforceable, however, when repeated, could lead to damages and occasionally disputes. If a supplier violates patent infringement laws, the buyer will also be responsible: many buyer-supplier contracts have clauses indicating that the supplier promises the products/services are not violating patent laws. Offer and acceptance: a purchase order (po) sent from a buyer works as a legal offer in accordance to the terms in the order.
