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Scenario/SummaryIn this assignment, you will evaluate the requirements for a valid contract and contractclause considerations.Your Role/AssignmentYou are a business planner and accountant. Part of your expertise is in helpingprospective business owners evaluate the various manufacturing and supplier optionsavailable based on the product they manufacture. You have a long history of workingwith widget manufacturers, which is why Gloria is meeting with you. Additionally, you arean expert in global business issues and can help Gloria review foreign supply options,including the applicable laws, customs regulations, and tax implications of using aforeign supplier versus a domestic supplier. Gloria has come to you to get some adviceon which supplier will best meet her needs and objectives.Key PlayersGloria SmithsonGloriaâs business is doing well. She has been manufacturing widgets in the UnitedStates, however, the costs for the raw materials have increased 200% with her currentsupplier. She has found a new U.S. supplierâGreenleaf Manufacturingâthat is willingto negotiate costs with her. Gloria has scheduled an appointment with its CEO, RichardFranklin. She is also considering manufacturing her widgets overseas. She traveled toChina and met with Jun Chin, who is interested in the contract. She also went to Braziland met with Mateo Bonilla, who also discussed production with her. Currently, Gloriahas been selling approximately 12,000,000 widgets per year, but she recently got apurchase order from a large retailer for 8,000,000 widgets and a guarantee for aminimum of 13,000,000 widgets over the next 24 months. The purchase order statesthat continued business is dependent on paying no more than $7.34 per widget. Gloriaâscurrent cost to manufacture widgets is $6.22 and she has been selling them for $9.18.Doing business with this large retailer will take Gloriaâs business to the next level, butshe has to get her costs down.Richard FranklinHe is the CEO of Greenleaf Manufacturing, which is a company located in the samestate as Gloriaâs business. He has submitted the following proposal to Gloria Smithson:He will manufacture up to 6,000,000 widgets per year at a cost of $6.37; another6,000,000 widgets per year at $5.41; and a final 6,000,000 widgets per year at a cost of$5.01 each. However, Greenleafâs proposal contains a clause that requires Gloriaâsacceptance by 5:00 p.m. on March 3, 2016.Jun ChinShe is the CEO of Sunrise Ltd. in Quanzhou, China. Her company has recently begundoing business with American companies. Ms. Chin is able to manufacture 100% of thewidgets Gloria Smithson needs annually at a cost of $4.01 each.Mateo BonillaHe operates Groupo Embraco. Groupo Embarco has never done business with anAmerican company, but like Gloria Smithson, he wants to expand his business.Presently, it can supply Gloria with 10,000,000 widgets annually at a cost of $3.83.Bonilla is willing to expand his operations in order to manufacture more widgets.AssignmentYou are a business planner and accountant. Gloria has come to you to get some adviceon which supplier will best meet her needs and objectives. Prepare a paper thataddresses the following.1.What elements are necessary for a valid contract to exist? Define whatconstitutes a "valid offer." Evaluate each proposal and discuss whether each of theoffers constitutes a valid offer. Why or why not?2.Each proposal involves a different country. What are the particular concerns forGloria in doing business in other countries? What contract provisions does she need toinclude in any business contract in order to protect her business?3.How can Gloria continue to protect herself and her family from personal liability ifshe obtains her widgets from a foreign manufacturer? Use your textbook and libraryreferences to answer these questions. Evaluate each proposal. Does it constitute anoffer?Assignment Requirements1.2.3.When preparing your responses, please use the facts provided in the You Decideand the following resources: (1) the assigned reading and (2) the DeVry Library.Your paper will be graded using the Week 5 You Decide Rubric.Your paper should be four to five pages long, exclusive of the cover page andreferences page, and it should be double-spaced. It should comply with APA 6th editionformatting.a.Cover pageb.References pagec.12 point, Times New Roman fontd.No website referencese.Include at least three scholarly references in addition to your textbookf.Include in-text references to sources
