This course is designed as an overall introduction to contract law and the Uniform Commercial Code (UCC). Coverage includes contract formation, contract performance and contract remedies as well as agency law and a variety of other legal areas that affect supply management. The program provides a forum for constructive legal discussion and feedback from instructors with a solid legal background and strong instructional skills.

ISM provides online courses that are facilitated by proven subject-matter experts. These courses require 10 or more participants and run four weeks in length with defined timelines in which work must be completed. Instructor-Led courses have defined start and end dates, and include online interaction with the course instructor and other participants. Although individual and team activities are included, these courses are offered in an asynchronous format which allows access to the content any time day or night. Participants should plan to devote 4 to 6 hours per week working on their coursework.

Week 1 - Sources of Law and Contract Formation

• Explain the significance of choosing the governing law for a particular contract
• Identify alternative methods of resolving contract disputes
• Identify and describe three sources of contract law and apply basic principles to determine the applicability of UCC Article 2 to a particular contract
• Explain the five basic elements of contract formation
• List the various functions served by purchase orders and acknowledgments in contract formation
• Identify contract language which may determine whose terms and conditions control the contract
• Be aware of special considerations involved in electronic transactions

Week 2 - Written Contracts, Unenforceable Contracts, Special Contract Situations, and Contract
Performance

• Recognize which contracts need to include written documentation
• Describe what constitutes adequate written documentation for a contract covered by the Statute of Frauds
• Distinguish between various kinds of mistakes in contract formation that lead to unenforceability of the contract
• Distinguish between contracting considerations for term contracts versus one-time transactions
• Apply common law factors of employment to distinguish between employees and independent contractors
• Describe the seller's and buyer's respective obligations in a contract for the sale of goods
• Apply risk-of-loss principles to contracts for the sale of goods
• Describe the defenses that excuse either a buyer or seller from contract performance
• Explain three ways in which a contract may end before its final completion

Week 3 - Warranties, Product Liability, and Remedies

• List three types of warranties and describe how each applies to contracts for goods and/or services
• Minimize the impact on your organization of warranty disclaimers and maximize your organization's exposure to product liability claims
• Identify and describe three types of remedies available in conjunction with contracts
• Describe the remedies available to a supplier when the purchasing organization breaches a contract
• Describe the alternative remedies available to a purchasing organization when a supplier fails to deliver goods as ordered

Week 4 - Law of Agency and Other Laws Affecting Supply Management

• List and describe the duties of an agent, a principal, and a third party in an agency situation
• Identify the type of authority you are exercising when you act on behalf of your employer in any particular case
• Take steps for protection against personal liability for your actions as a "purchasing agent"
• Identify three types of intellectual property and describe the legal protection available for each
• List four antitrust laws and explain their application to supply management
• Describe the role of supply management in environmental compliance and minimization of environmental liability
• Be familiar with other federal laws that may have an impact on the supply management function

Non-Member Price: $595.00
Member Price: $495.00

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