law531 r9 contract creation and managem

Satisfactory Essays
Topics: Credit card
Business Standards Transcript

Speaker: Narrator, Robert “Bob” Johnson, Michael Smith

Narrator: Bob is a local used-car dealer and he’s feeling pretty good at the moment. He’s about to close a great deal with another used-car dealer, Mike. Mike has agreed to pay Bob more than he expected for a like-new car on his lot. The car’s on consignment from its owner, Al. Bob and Mike had talked about the deal over the phone and e-mail. During Mike’s visit to Bob’s dealership they settled on a final figure of $25,000.00. Once Bob received the payment, he would then write a check to Al for $22,000.00 and keep $3,000 as a consignment fee. All he had to do was say yes.

Mike: Sounds great. I can't believe you're letting this go for so little. I mean for $25,000 (pause) I feel like I'm stealing.

Bob: Yeah, right?

Mike: Take care.

Narrator: The next day when Mike got into his office, the phone rang.

Bob: Hey Mike, this is Bob. Hey, I know you were going to write me a check for $25,000, but could you write two checks instead? (Pause) One for Al for $22,000 and one for me for $3,000.

Narrator: Mike thought about it for a moment and came back with an unexpected response.

Mike: I'm going to have to reject your counteroffer, Bob. (Pause) No, we HAD a deal but you just rejected my original offer. (Pause). Look, there's nothing on the table from my side anymore. (Pause) I tell you what? I'll give you $20,000.

[End of Audio]

You May Also Find These Documents Helpful

  • Better Essays

    Contract Creation

    • 829 Words
    • 4 Pages

    Contract Creation and Management Simulation LAW/531 Span Systems entered into a six billion dollar bilateral contract with Citizen-Schwarz AG (C-S) to develop and implement their new banking software. (University of Phoenix, 2002) This paper will discuss an analysis of the issues presented in the Contract Creation and Management Stimulus. C-S personnel started to protect C-S personnel because of the quality of their work. It is possible…

    • 829 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file…

    • 130 Words
    • 5 Pages
    Satisfactory Essays
  • Better Essays

    Contract Creation and Manage Law 531 Contract Creation and Management After completion of the Contract Creation and Management simulation the following legal issues were noted. There were problems with this contract from the beginning because the specifics of the contract were ambiguous from the start. The companies involved developed a contractual relationship by evidence of an offer, acceptance of the offer and valid and legal consideration, which in this case is money for services rendered…

    • 1211 Words
    • 5 Pages
    Better Essays
  • Better Essays

    Law531

    • 1509 Words
    • 7 Pages

    Running Head: Riordan Corporate Compliance Business Scenarios Porshau Alexander LAW/531 February 4, 2013 Mr. Cory D. Childs, JD Introduction Riordan functions a manufacturing company of international plastics created and specialized for the automotive, manufacturing, and fan manufacturing production. Riordan Manufacturing is the employer of five hundred and fifty employees employed throughout China and the United States. Riordan’s organization reports an annual income of $46 million…

    • 1509 Words
    • 7 Pages
    Better Essays
  • Satisfactory Essays

    Running head: CONTRACT CREATION AND MANAGEMENT SIMULATION MEMO Contract Creation And Management Simulation Memo Nigel Summers BUS LAW/531 12/3/09 Toni Seller Abstract This paper is a memo stating the legal Issues and legal risks within the simulation. Suggest different strategies or factors to avoid these risks, minimize liabilities for managers, and suggest different alternative approaches to resolve the problems identified in the simulation and explaining which alternative approach would…

    • 724 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Contract Creation and Management Assignment In this paper I will give my analysis of the issues presented in the Contract Creation and Management simulation. Within the paper I will provide contractual resolutions that will offer the development of a plan that will defuse possible contractual disputes. Citizen Schwartz will be given rapid and economical dispute resolution options, while Span Systems will be given the resources to recoup a significant business relationship following a contractual…

    • 1059 Words
    • 5 Pages
    Good Essays
  • Better Essays

    Contract Creation and Management Simulation William University of Cincinnati Legal Environment of Business Judge Jim P. Ponder July 2, 2000 Contract Creation and Management Simulation The simulation begins in the middle of a major dispute between a software-developing company, Span Systems, and one of its customers, Citizen-Schwartz AG (C-S), a large German bank. The two companies are in dispute over the quality and timeliness of deliverables. There have been major bugs found by C-S during…

    • 1260 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    “Contract Creation and Management Simulation” Bus Law 531 August 30, 2011 Contract Creation and Management SimulationThe simulation shows a confutation between two software-developing companies, Span Systems, and its customer Citizen-Schwartz AG (C-S), a largeGerman bank. The two companies are in difference of opinion over the quality and timeliness of deliverables. There have been major bugs found by C-S during testing and…

    • 1366 Words
    • 6 Pages
    Powerful Essays
  • Better Essays

    Contract Creation and Management Johnny B Good LAW/531 April 30, 2012 Professor Law Contract Creation and Management This week assignment is to provide analysis on the Contract Creation and Management simulation provided in the University of Phoenix (UOP) materials website. The simulation involves two companies; Span Systems, a California-based custom e-banking software developer and Citizen-Schwarz AG (C-S), a Stuttgart-based bank with revenues of over $20 billion. Through C-S’s regional…

    • 1745 Words
    • 7 Pages
    Better Essays
  • Good Essays

    November 2, 2009 SUBJECT: Contract Creation and Management Simulation CC: Board of Directors Span Systems is a California based custom e-banking software developer that has entered into a $6million contracted with Citizen Schwartz (C-S) to develop banking software in one year. The companies are eight month into the contract and there has been poor performance, organizational changes, and project delays are the issues that can result a breach of contract. The purpose of this memo is to…

    • 823 Words
    • 4 Pages
    Good Essays