The First Stage of Contract Administration Is ________

question 41

Multiple Choice

The first stage of contract administration is ________.

• A)implementing the contract
• B)interpreting the contract
• C)getting contract terms to union members and management
• D)monitoring activities
• E)isolating potential problems

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Definitions:

Contractual Liability

Liability that arises from entering into a contract, where one party may be obligated to compensate another party for the failure to perform as specified in the contract.

Unidentified Principal

A party in a transaction whose identity is not known to the other party, often in agent-principal relationships.

Disclosed Principal

A disclosed principal is a party whose identity is known by all involved parties at the time a transaction is entered into with an agent.

Undisclosed Principal

is a party in a contractual agreement whose existence and identity are not revealed to the third party at the time of contract formation, often in agency relationships.