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Legal Aspects in Purchasing and Supply Chain Management MCQ

A codification of law that clarifies and regulates the rights and obligations of buyers and sellers engaging in commercial transactions. It has been adopted by all states except Louisiana is known as ___.

Answer

Correct Answer: Uniform Commercial Code (UCC)

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Specific pricing and delivery information on listed products or services is known as?

Answer

Correct Answer: Request for quotation (RFQ)

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Authorizing document for provision of goods or services from a supplier; becomes a legally binding contract on acceptance by the supplier is known as ______

Answer

Correct Answer: Purchase order

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Promissory estoppels is the illegal principle that a promise is enforceable by law, even if made with formal consideration when a promisor has made a promise to a promise who then relies on that promise to his subsequent detriment.

Answer

Correct Answer: False

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Agency is a Implies a relationship between three parties in which one is empowered to perform certain functions or business transactions for the other.

Answer

Correct Answer: False

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