PROJ598 Week 2 DQ2 Why Do We Need Contracts.

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Why Do We Need Contracts? (graded)

Class: This week we will be reviewing contract risk. To understand risk one must examine the risks associated with the buyer and with the seller * What are some of the sources of risks associated with contracts? * Cite examples of risks that you have encountered (not necessarily in writing) when purchasing things in your own personal or professional life. * What are the sources of these risks identified by our text? Can you think of any others? * Do any types of contracts or contract situations increase risk? * Do you feel that risk is equally divided between the buyer and seller? Your text has some interesting perspectives on this material, which you may wish to review. You can also research bids on the Web if you feel you need some additional information and examples.