Developing Long-Term, "Partnering" Relationships with a Few Suppliers Is a Long-Standing

question 131

True/False

Developing long-term, "partnering" relationships with a few suppliers is a long-standing American purchasing strategy.

---

Definitions:

Executory

Pertaining to a contract, a term describing obligations that have not yet been performed by one or more parties.

Express Contract

A written or spoken agreement in which all terms are explicitly stated.

Contract Elements

The essential components required for a legally binding contract, including offer, acceptance, consideration, and mutual consent.

Bilateral Contract

An agreement containing mutual promises, in which each party commits to performing acts or refraining from actions.