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4 basic elements of contract elements of MRP techniques

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1. Discuss the four basic elements of a contract, not specific to any organization and the concept of breach in regard to contracts. What policies does your organization have in place to resolve a contract issue?

2. Discuss the elements of materials requirement planning (MRP) techniques and the different types of inventories and their functions. Synthesize the relationship between supply, demand, and logistics management and discuss the importance of forecasting in managing supply.

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Discuss the four basic elements of a contract

1. Discuss the four basic elements of a contract, not specific to any organization and the concept of breach in regard to contracts. What policies does your organization have in place to resolve a contract issue?

The four basic elements of a contract are (eHow, 2011):

1) Mutual consent
There has to be an agreement between two or more people and the acceptance of the terms of the proposal.

2) Acceptance
Although it is legal in some cases to have a verbal contract, it is better to have it in writing and have it witnessed.

3) Exchange
In order to have a legal agreement in a contract, there has to be no duress in signing the document and free consent must be given. Property or items exchanged.

4) No Public Policy Violation
The agreement has to be initiated and completed legally or there is no contract binding.

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