A Warranty Is

question 64

Multiple Choice

A warranty is

• A)a non-essential term of a contract.
• B)a guarantee of performance given by one party to another.
• C)a guarantee contained in a contract regarding the performance of an obligation.
• D)a non-essential term of a contract that guarantees the performance of an obligation.
• E)an essential term of a contract that guarantees the performance of an obligation.

---

Definitions:

JIT Partnerships

Collaborations between suppliers and manufacturers that follow Just-In-Time inventory principles to reduce waste and increase efficiency.

Competitive Bidding

A procurement process where suppliers submit their bids to win a contract, based on price and/or other criteria.

Vertical Integration

Developing the ability to produce goods or services previously purchased or actually buying a supplier or a distributor.

JIT Partnerships

Just-In-Time partnerships; close collaborations between suppliers and companies to ensure timely delivery of parts, minimizing inventory.