Essay Example: Define Uniform Commercial Code (UCC), Commercial Law and Contract Law

The UCC is a set of codified laws that presides over every transaction that is commercial within the United States (UCC, 2020). Commercial law is a branch of law that governs the rights and behaviors of both people and businesses that are dealing in sales and trade. Contract law is a body or branch of law that provides a legal framework within which any parties bound by a contract can exercise their contractual obligations. At the same time, resolve any disputes or disagreements that may arise.

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You have procured a water treatment product through a vendor based on a verbal statement by the vendor on its effectiveness. After using the product, the product doesn’t meet the expectations. Can you legally claim against the vendor? If yes, explain how and what you can claim.

The consumer has a legal claim against the vendor. A vendor is required by law to provide correct information regarding the scope of efficiency of the product, as well as the terms of conditions regarding any liabilities from products or services that turn out to be defective. Any goods supplied for a particular purpose by a vendor upon the request of the consumer must be fit for the purpose for which they were requested.

Since the goods fell short of the requirements, the consumer is allowed a window of 30 days within which one can either return the product, seek for a repair or replacement of the product. Further, if the recourses mentioned above are not available, one could request for a price reduction, which ought to be an appropriate and reasonable amount after factoring in all the circumstances involved in the claim. If a consumer decides to reject the product totally, they are entitled to a refund.

Considering written vs verbal ethics policy, evaluate and explain why it is particularly essential in sourcing.

Written and verbal ethics policies both play essential roles in sourcing. They help individuals adhere to crucial requirements that serve to maintain the integrity of the process. One can make decisions bearing in mind the interests of the organization, regardless of how much unpopular they may be. Further, they serve to establish rules and regulations that are crucial to the profession within which one serves. Factors such as due diligence, avoiding improprieties, adhering to confidentiality and transparency in any dealings are also aided by these policies and play an equally important role in sourcing.

Compare and contrast the different types of performance benchmarking.

Best practice benchmarking is a form of performance benchmarking but instead focuses on some exciting regions in which better performances are witnessed. Process benchmarking, on the other hand, entails making comparisons between different levels I performances to make improvements. Product benchmarking involves acquiring the competitions’ products and analyzing them to establish what advantages it bears (Bhasin, 2019). Unlike product benchmarking, competitive benchmarking goes beyond an analysis of the product and involves the entire process and services of the competitor. Generic benchmarking entails making determinations of critical metrics such as how much each employee costs, and what their revenue returns are. Finally, strategic benchmarking involves looking at the vision and mission statements of other successful businesses or companies to develop a better or more appropriate vision statement (Bhasin, 2019).

Consider the following: A company should always benchmark performance against a competitor. Do you agree or disagree? Provide an analysis of your assessment.

It is prudent for companies always to benchmark their performances against those of their competitors. This can best be done through the SWOT analysis. The strengths of both are weighed against each other, and focus is put on factors that give an advantage. The competitors’ weaknesses ought to be taken advantage of as well. There could be current opportunities that are yet to be tapped into by the competitor or that are providing an advantage to the competitor and would equally prove beneficial. Finally, it is crucial to know and understand what threats the competition may be offering to counter them effectively.

References

Administrator. (n.d.). What is Benchmarking? Retrieved July 07, 2020, from https://www.bpir.com/benchmarking-what-is-benchmarking-bpir.com.html

Bhasin, H. (2019, April 17). The 9 Types of Benchmarking Which Can Be Used by Organizations. Retrieved July 07, 2020, from https://www.marketing91.com/types-of-benchmarking/

(n.d.). Retrieved July 07, 2020, from https://www.ungm.org/Areas/Public/pph/ch04s04.html

The sale & supply of goods. (n.d.). Retrieved July 07, 2020, from https://www.businesscompanion.info/en/quick-guides/goods/the-sale-and-supply-of-goods

Uniform Commercial Code. (n.d.). Retrieved July 07, 2020, from https://www.uniformlaws.org/acts/ucc