Principle Objectives of Public Purchasing
-Obtain the materials, services, and facilities required by organizations.
-When and where the materials, services, and facilities are needed.
-At the best price reasonably available.
-Through open, fair competition.
-At a reasonable cost.
Price
...
The organization should clearly establish and document which positions within the
organization are responsible for carrying out specifically defined transactions and
should provide a detailed description of the procedures for carrying out and
documenting each type of transaction.
Formation of a Contract
This is formed when parties agree to act or promise to act in certain ways and agree
to give something of value in return.
Four Elements of Any Contract
Mutual Assent
Offer and Acceptance
Consideration
Definiteness of Contract Terms
Mutual Assent
The parties to the contract agree or have "a meeting of the minds" as to what it is that
they agree to do or not do.
Is an Advertisement, Price List, or Catalog an Offer?
No. The vendor is merely informing the reader of available items. The vendor is
inviting offers from interested buyers.
Consideration
Form an enforceable contract, something of value must be exchanged. The giving up
of something of value.
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