The Law of ________ defines the buyer's authority to act for the organization.

Question

Quizplus · Accepted Answer

The Law of Agency defines the relationship between two parties where one party (agent) acts on behalf of the other (principal). In procurement, the buyer is acting as the agent for the organization, and the Law of Agency establishes the legal framework for this relationship. The Law of Procurement and Contract pertains to the rules and regulations governing the procurement process and contract agreements, respectively. The Law of Warranty deals with the rights and obligations of a seller regarding the quality and performance of a product or service.

The Law of ________ Defines the Buyer's Authority to Act