Difference between Written, Oral and Electronic Contracts

To become a Certified Professional in Supply Management (CPSM), you need to learn a lot of things and one of which is to familiarize your self with the basics in contracting and negotiations.

The first part of the CPSM Exam covers the Foundation of Supply Management. In our previous article we’ve already shown you how to prepare competitive bids, strategies and tactics in negotiation, points in negotiation, and the basic elements of a contract.

If you join our CPSM Training Review Programs, you’ll learn more CPSM Study Cheats, but for now we will teach you the different types of obligation documents.

You need to remember the following types of obligation documents because they are part of the CPSM Exam:

  • Written Contract
  • Oral Contract
  • Electronic Contract

Written Contract

A written contract refers to a written document outlining an agreement between two contracting parties. These parties can be individuals, organization, or businesses. All of the factors or portions must be indicated in the agreement, and each party involved in the agreement has to sign the document in order for it to become valid.

 

Oral Contract

Oral contract is an agreement, the terms of which have been agreed by spoken or verbal communication. An oral contract is as legally binding as a written contract. The issue of an oral contract is proving its existence. Conditions of an oral contract:

  1. An offer should be made by a party to enter into a contract on certain and specific terms.
  2. The offer must be accepted without any variations on the terms communicated.
  3. There must be considerations or something in exchange for what is being offered.
  4. Intention to create legal relations must be present.

 

Electronic Contract

Electronic contracts are brought about by globalization. It makes transactions faster and convenient.  Just like traditional paper contracts, electronic contracts are legal and enforceable.

The E-Signature Law in 2000 enabled companies to conduct business transactions online, particularly the companies that provide financial, insurance, and household services to consumers.

 

Statute of Fraud 

The Statute of Frauds refers to the legal concept that requires certain types of contracts to be executed in writing.  These contracts are the following:

  1. Contracts for the sale of land;
  2. Contracts wherein one party should pay debt to the other party;
  3. Contracts for the sale of goods; and
  4. Contracts that cannot be completed in less than 1 year.

If you want to get more study cheats and Pass the CPSM Exam, all you have to do is participate in our CPSM Training Review Program or our CPSM Boot Course Program.

Jack Quinn Solutions, LLC provides you with trainings and skill development for you to achieve a better career opportunity! We can train you and bring out the best in you.

If you want to have a salary increase or become a leader in your company, all you have to do is visit www.cpsmtraining.com or www.supplyleadersacademy.com and participate in our review and online courses!

 

Obligation Documents

Obligation Documents