Whistle Cabs, a Taxi Service Company, Has Been Ordered by the Traffic

question 44

Multiple Choice

Whistle Cabs, a taxi service company, has been ordered by the traffic department to update their taximeters to digital ones.Whistle Cabs decides to contract with Running Electricals, who provide digital taximeters.But to acquire it on such short notice, Whistle Cabs approaches Goldmint Bank.Goldmint Bank purchases the taximeters, and the taximeters are delivered to Whistle Cabs.The contract between Whistle Cabs and Goldmint Bank allows the taxi service company to use the taximeters for a period of time by providing monthly rentals till that period is completed.What is the nature of the contract made between Goldmint, Whistle Cab, and Running Electricals?

• A)counteroffer
• B)lease
• C)sale of goods
• D)option contract

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Definitions:

Investment Center

A segment or area of a business responsible for generating revenue as well as controlling its own costs and investments.

Balanced Scorecard

A performance evaluation approach that incorporates multiple performance dimensions by combining financial and nonfinancial measures.

Nonfinancial Measures

Performance indicators not based on financial data, often used to assess aspects like customer satisfaction, employee turnover, or production quality.

Financial Measures

Various metrics used to assess a company’s financial health, performance, and stability, including profitability, liquidity, and solvency ratios.