A ________ Creates a Long-Term Relationship in Which the Supplier

question 125

Multiple Choice

A ________ creates a long-term relationship in which the supplier promises to resupply the buyer as needed at agreed prices for a set time period.

• A) blanket contract
• B) request for proposal
• C) supplier proposal
• D) change order
• E) noncompete clause

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Definitions:

Specific Performance

A legal remedy requiring a party to fulfill their obligations under a contract, rather than paying damages for nonperformance.

Monetary Damages

Money claimed by or ordered paid to a party to compensate for injury or loss caused by the wrong of the opposite party.

Lemon Laws

Statutes that provide remedies to consumers for products, typically vehicles, that repeatedly fail to meet standards of quality and performance.

Defective Parts

Components or elements of a product that are faulty, flawed, or do not meet specified standards of quality.