procurement planning

Why are contracts necessary when conducting procurements and what do they represent? Discuss the major types of procurement contracts. Is there any situation where you would not use a contract for procuring goods or services – please explain why or why not? Is a verbal agreement or a handshake considered a valid contract? Please include a minimum of one resource in addition to your required or optional reading/viewing resources.
Research an example of a bad procurement or poor procurement management in any organization (including from your experience). Describe the situation and explain why you believe this as an example of a bad procurement or poor procurement management. Be specific and remember, others are not familiar with the situation and need to understand the backstory. What made the procurement management ineffective and/or what were the factors that led to the poor outcome? Please include a minimum of one resource in addition to your required or optional reading/viewing resources.