Oxtren,Inc

question 23

Essay

Oxtren,Inc.is a tools wholesaler.Oxtren sent M&E Tools a purchase order offering to buy 200 Model 308 milling & drilling machines with R-8 spindles.The purchase order stated the credit term to be 2% discount if payment was made in 10 days,with the full amount due in 30 days.M&E responded with an acceptance form accepting the offer.The acceptance form,however,stated that full payment was due on delivery and that disputes under the contract would be settled by arbitration.
(A)Do the parties have an agreement?
(B)What is the payment term?
(C)Is the arbitration clause part of the agreement?

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Definitions:

Nonrecourse Basis

Nonrecourse Basis refers to a type of financing or lending where the borrower is not personally liable beyond the collateral for the loan.

Lessor

The party in a lease agreement who owns the leased asset and grants the lessee the right to use the asset in return for periodic payments.

Lessee

An entity or individual that leases an asset from another, the lessor, under the terms of a lease agreement.

Lease Payments

Regular payments made by a lessee to a lessor for the use of an asset or property.