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
- An offer should be made by a party to enter into a contract on certain and specific terms.
- The offer must be accepted without any variations on the terms communicated.
- There must be considerations or something in exchange for what is being offered.
- Intention to create legal relations must be present.
- Contracts for the sale of land;
- Contracts wherein one party should pay debt to the other party;
- Contracts for the sale of goods; and
- Contracts that cannot be completed in less than 1 year.