Laws 310 week 5 Assignment
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You are a business planner
and accountant. Part of your
expertise is in helping prospective business owners evaluate the
various manufacturing and supplier options available based on
the product they manufacture. You have a long history of
working with widget manufacturers, which is why Gloria is
meeting with you. Additionally, you are an expert in global
business issues and can help Gloria review foreign supply
options, including the applicable laws, customs regulations, and
tax implications of using a foreign supplier versus a domestic
supplier. Gloria has come to you to get some advice on which
supplier will best meet her needs and objectives.
Gloria has come to you to get some advice on which supplier
will best meet her needs and objectives. Prepare a paper that
addresses the following.
1. What elements are necessary for a valid contract to exist?
Define what constitutes a "valid offer." Evaluate each
proposal and discuss whether each of the offers constitutes
a valid offer. Why or why not?
2. Each proposal involves a different country. What are the
particular concerns for Gloria in doing business in other
countries? What contract provisions does she need to
include in any business contract in order to protect her
business?
3. How can Gloria continue to protect herself and her family
from personal liability if she obtains her widgets from a
foreign manufacturer? Use your textbook and library
references to answer these questions. Evaluate each
proposal. Does it constitute an offer?
KEY PLAYERS
Gloria Smithson
Gloria’s business is doing well. She has been manufacturing widgets in the United
States, however, the costs for the raw materials have increased 200% with her
current supplier. She has found a new U.S. supplier—Greenleaf Manufacturing—
that is willing to negotiate costs with her. Gloria has scheduled an appointment
with its CEO, Richard Franklin. She is also considering manufacturing her widgets
overseas. She traveled to China and met with Jun Chin, who is interested in the
contract. She also went to Brazil and met with Mateo Bonilla, who also discussed
production with her. Currently, Gloria has been selling approximately 12,000,000
widgets per year, but she recently got a purchase order from a large retailer for
8,000,000 widgets and a guarantee for a minimum of 13,000,000 widgets over the
next 24 months. The purchase order states that continued business is dependent on
paying no more than $7.34 per widget. Gloria’s current cost to manufacture
widgets is $6.22 and she has been selling them for $9.18. Doing business with this
large retailer will take Gloria’s business to the next level, but she has to get her
costs down.
Richard Franklin
He is the CEO of Greenleaf Manufacturing, which is a company located in the
same state as Gloria’s business. He has submitted the following proposal to Gloria
Smithson: He will manufacture up to 6,000,000 widgets per year at a cost of $6.37;
another 6,000,000 widgets per year at $5.41; and a final 6,000,000 widgets per
year at a cost of $5.01 each. However, Greenleaf’s proposal contains a clause that
requires Gloria’s acceptance by 5:00 p.m. on March 3, 2016.
Jun Chin
She is the CEO of Sunrise Ltd. in Quanzhou, China. Her company has recently
begun doing business with American companies. Ms. Chin is able to manufacture
100% of the widgets Gloria Smithson needs annually at a cost of $4.01 each.
Mateo Bonilla
He operates Groupo Embraco. Groupo Embarco has never done business with an
American company, but like Gloria Smithson, he wants to expand his business.
Presently, it can supply Gloria with 10,000,000 widgets annually at a cost of $3.83.
Bonilla is willing to expand his operations in order to manufacture more widgets.
expertise is in helping prospective business owners evaluate the
various manufacturing and supplier options available based on
the product they manufacture. You have a long history of
working with widget manufacturers, which is why Gloria is
meeting with you. Additionally, you are an expert in global
business issues and can help Gloria review foreign supply
options, including the applicable laws, customs regulations, and
tax implications of using a foreign supplier versus a domestic
supplier. Gloria has come to you to get some advice on which
supplier will best meet her needs and objectives.
Gloria has come to you to get some advice on which supplier
will best meet her needs and objectives. Prepare a paper that
addresses the following.
1. What elements are necessary for a valid contract to exist?
Define what constitutes a "valid offer." Evaluate each
proposal and discuss whether each of the offers constitutes
a valid offer. Why or why not?
2. Each proposal involves a different country. What are the
particular concerns for Gloria in doing business in other
countries? What contract provisions does she need to
include in any business contract in order to protect her
business?
3. How can Gloria continue to protect herself and her family
from personal liability if she obtains her widgets from a
foreign manufacturer? Use your textbook and library
references to answer these questions. Evaluate each
proposal. Does it constitute an offer?
KEY PLAYERS
Gloria Smithson
Gloria’s business is doing well. She has been manufacturing widgets in the United
States, however, the costs for the raw materials have increased 200% with her
current supplier. She has found a new U.S. supplier—Greenleaf Manufacturing—
that is willing to negotiate costs with her. Gloria has scheduled an appointment
with its CEO, Richard Franklin. She is also considering manufacturing her widgets
overseas. She traveled to China and met with Jun Chin, who is interested in the
contract. She also went to Brazil and met with Mateo Bonilla, who also discussed
production with her. Currently, Gloria has been selling approximately 12,000,000
widgets per year, but she recently got a purchase order from a large retailer for
8,000,000 widgets and a guarantee for a minimum of 13,000,000 widgets over the
next 24 months. The purchase order states that continued business is dependent on
paying no more than $7.34 per widget. Gloria’s current cost to manufacture
widgets is $6.22 and she has been selling them for $9.18. Doing business with this
large retailer will take Gloria’s business to the next level, but she has to get her
costs down.
Richard Franklin
He is the CEO of Greenleaf Manufacturing, which is a company located in the
same state as Gloria’s business. He has submitted the following proposal to Gloria
Smithson: He will manufacture up to 6,000,000 widgets per year at a cost of $6.37;
another 6,000,000 widgets per year at $5.41; and a final 6,000,000 widgets per
year at a cost of $5.01 each. However, Greenleaf’s proposal contains a clause that
requires Gloria’s acceptance by 5:00 p.m. on March 3, 2016.
Jun Chin
She is the CEO of Sunrise Ltd. in Quanzhou, China. Her company has recently
begun doing business with American companies. Ms. Chin is able to manufacture
100% of the widgets Gloria Smithson needs annually at a cost of $4.01 each.
Mateo Bonilla
He operates Groupo Embraco. Groupo Embarco has never done business with an
American company, but like Gloria Smithson, he wants to expand his business.
Presently, it can supply Gloria with 10,000,000 widgets annually at a cost of $3.83.
Bonilla is willing to expand his operations in order to manufacture more widgets.
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