Identify the Advantages and Disadvantages of Using the Few Suppliers

question 9

Essay

Identify the advantages and disadvantages of using the few suppliers approach.

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Definitions:

Statute of Frauds

A requirement that certain kinds of contracts be memorialized in writing and signed by the party to be charged, in order to be legally enforceable.

Parol Evidence

Where a written contract exists, evidence about promises or statements made prior to or during the execution of the writing that are not contained in the written contract.

Partially Integrated

Refers to a written contract that represents a final agreement on some, but not all, terms between parties.

Handwritten Provisions

Clauses or terms specifically written by hand in a legal document that can modify or add to the standard terms of a contract.