The Various Aspects of Contract and Tort Law Essay - 11

The Various Aspects of Contract and Tort Law - Essay Example This research will begin with the essential elements for the formation of the contract in the UK and â€Å"invitation to treat†. Some common elements that are included in the formation of contract signify various features incorporated in a contract and its legal clauses. The valid contract that needs to be developed in case of the corporate sector should first focus on the situation for which the contract is being made. Although the basic elements of the contract remain same in most of the cases, the nature and duty of the contract change on the basis of the requirements. Some of the common elements required for formation of a basic contract have been evaluated below. Offer: Offer is the first and one of the two primary elements of a contract. Offer is formed on the basis of a consideration which enables the parties to the contract to develop a proposal. The offer must have clarity regarding the consideration involved and should have a specific timeframe for its acceptance. Th e advertisement of James for selling the printing press for  £50000 is an open offer. The offer for selling office computer Ann was also an offer. Acceptance: Acceptance is the second primary element of a contract and is done in response to the offer. The acceptance is based on the consideration provided by the offeree. The acceptance is also limited by the time frame and should be clearly mentioned. The reply on the part of Jenny in regard to the offer of James shows the acceptance of an offer. However, as Jenny had stated in new terms in her acceptance it can also be treated as a counteroffer. The counteroffer was made when Jenny offered an amount of  £40000 which nullified the previous offer. However, silence on the part of Jenny cannot be considered as acceptance.

Supply Chain and Operations Management Assignment - 1

Supply Chain and Operations Management - Assignment Example According to the AIMS' Institute of Supply Chain Management, it is a management of a global network used to deliver products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash.Supply Chain Management (SCM) is the management of the relationship between the supplier's supplier and the customer's customer through the supply chain participants (Distributor/Wholesaler and Retailer) between them, mainly using information flow and logistics activities to gain Competitive advantage and customer satisfaction.A supply chain, as opposed to supply chain management, is a set of organizations directly linked by one or more upstream and downstream flows of products, services, finances, or information from a source to a customer. Supply chain management is the management of such a chain.[7]In many cases the supply chain includes the collection of goods after consumer use for recycling. SCM is a cross-functional approach that in cludes managing the movement of raw materials into an organization, certain aspects of the internal processing of materials into finished goods, and the movement of finished goods out of the organization and toward the end consumer. As organizations strive to focus on core competencies and becoming more flexible, they reduce their ownership of raw materials sources and distribution channels. These functions are increasingly being outsourced to other firms that can perform the activities better or more cost effectively.