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  • Contract

    An agreement between two or more competent persons or companies to perform or not to perform specific acts or services or to deliver merchandise. A contract may be oral or written.

    A purchase agreement when accepted by a supplier, becomes a contract. Acceptance may be in writing or by performance, unless the purchase order requires acceptance in writing.


    Source: http://www.apics.org/
    Is profit made when you buy or when you sell?

  • #2
    Re: Contract

    Contract - a contract is an obligation, such as an accepted offer, between competent parties upon a legal consideration, to do or abstain from doing some act. The essential elements of a contract are: an offer and an acceptance of that offer; the capacity of the parties to contract; consideration to support the contract; a mutual identity of consent; legality of purpose; and sufficient certainty of terms. Under the Government Contracts Regulations, a contract means a construction contract, a goods contract, a service contract or a lease entered into by a contracting authority.

    Source: Canadian Govt
    Last edited by bernievn; 08-18-2006, 10:49 PM.
    Is profit made when you buy or when you sell?

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    • #3
      Re: Contract

      What is the difference between a warranty and a guarantee?

      Comment


      • #4
        Re: Contract

        Warranty - A statement, either written, expressed or implied, providing assurance that some specified provision in a contract, such as a sale, is true.

        Guarantee - A promise, especially in writing, that something is of specified quality, content, benefit, or that it will provide satisfaction or will perform or produce in a specified manner.
        Izak van der Merwe
        INTENDA (PTY) Ltd.
        www.intenda.co.za

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        • #5
          Re: Contract

          "consideration to support the contract"
          Consideration is the "thing" that is exchanged.
          This can be financial or a promise in either direction.
          I thought that "consideration to support the contract" was not clear enough.

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