“Customers opening current accounts and borrowers must have the capacity to contract or else the banker-customer contract is void”. Explain what is meant by “capacity to contract” in context o

“Customers opening current accounts and borrowers must have the capacity to contract or else the banker-customer contract is void”. Explain what is meant by “capacity to contract” in context o

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

ChapterC: Cases

Section: Chapter Questions

Problem 5.1SC: Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing...

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Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
In which 2 situations might a transaction need to be excluded from bank feeds?(Select all that apply) A. If the downloaded transaction was already recorded and reconciled in QuickBooks Online B. If the bank downloads the same transaction more than once C. If te posting date and actual payment date don't match in the bank feed D. If the bank description doesn't match the payee name
You have decided to start a door-to-dorm laundry service for the college students atthe local university. Students log on to your Web site and provide specific information tocreate an account including address information needed for pickup and delivery plus credit,charge, or debit card information for payment. At the time of the initial pickup, students aregiven a large plastic bag that they fill with their laundry. You pick up the laundry and wash,dry, fold, and return it within one week. Once the student has created an account, they cantext, email, or logon onto the Web site to request future pickups.Questions:1. Define the basic functions that this Web site must perform in order to meet thebasic needs of the laundry service as well as attract and maintain the interests ofstudents.2. What are some things you might do to entice students to return time and time againto your Web site?3. What actions can you take to increase traffic and draw students to your Web site? 4. Can you identify…
XYZ Insurance Company, a relatively small general insurer, has outsourced its claims adjusting function. Now, when a claim is reported, the insurer notifies the outsource adjusting company, which then causes one of its adjusting personnel to visit the site of the loss and prepare an estimate as to the amount that will have to be paid to settle the claim. The outsource company then notifies the insurer of the amount and this is set up as a case provision in the insurer’s claim files. XYZ has indicated that the adjusting company is more specialized and has greater expertise in this area than the insurer can support in house For claims that can be settled in a straight-forward manner, the adjusting company will pay the claim and then invoice XYZ for the amount. i. Discuss the 3 potential pitfalls in the use of an adjusting company. ii. Discuss 3 advantages on the usage of an adjusting company. iii. Are these sufficient to offset any advantages disadvantages. Explain your answer. iv. You…
Adjusted Bank Balance. Mary's last bank statement showed an ending balance of $208.32. This month, she deposited $787.01 in her account and withdrew a total of $271.89. Furthermore, Mary wrote a total of five checks, two of which have cleared. The two checks that have cleared total $182.73. The three remaining checks total $122.15. Mary pays no fees at her bank. What is the balance shown this month on Mary's bank statement? What is the adjusted bank balance? The balance shown this month on Mary's bank statement is CLUD (Round to the nearest cent.)
The last two weeks of December are usually slow for room sales, but a local Snow and Ice Festival will attract visitors who may request reservations for single overnight accommodations. What policy should the hotel develop for accepting such room reservations
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Using Banking Law Jargon, please answer the following scenario: Donald has a bank account at Republic Live Bank which is heavily overdrawn. The bank sent out numerous correspondences to Donald about the overdraft limit and the need for Donald to meet with them and discuss repayment. Donald in his usual way ignored the bank’s request. Mr Big, Manager of Republic Live Bank is expected to meet with Donald and negotiate how they will reduce the overdraft amounts. During his review of Donald’s drawdowns over the last few months, he noticed that a cheque was drawn and the sums paid to a known drug dealer. He telephoned Donald’s home to set up a meeting and his maid answered the phone. Mr Big proceeded to explain to the maid that Donald’s account is heavily overdrawn and during the conversation, pointed out that he saw a transaction whereby Donald paid a known Drug dealer. Donald’s maid became extremely interested in this new revelation, because she had it in for Donald for cutting her…
The following is an excerpt from a business plan: "To open our new upscale toy store, We R Toys, we require a total of $225,000. The owners will be providing $100,000 of this amount from their own savings, and their friends and families have promised an additional $25,000. Therefore, We R Toys requires a bank loan of $100,000." In which section of We R Toys' business plan would this information be found? O Executive Summary O Sales Strategies Market Analysis O Financial Projections O Funding Requirements
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What is the difference between collection letter and remittance letter?
Which of the following would most likely be required to sign a completion bond? bookkeeper general contractor shareholder partner