A Purchase Order Is Essentially an Internal Document, One That

question 69

True/False

A purchase order is essentially an internal document, one that does not go outside the company, whereas a purchase requisition is an external document, which will be presented to an entity outside the company.

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Definitions:

Convention on Contracts

Refers to international agreements or treaties that set out the rules governing contracts, especially those that have cross-border implications.

Statute of Frauds

A legal concept that requires certain types of contracts to be written and signed by the parties involved to be legally enforceable.

Parol Evidence

A legal rule that prohibits the introduction of outside evidence to add, modify, or contradict the terms of a written agreement.

Clerical Error

A minor mistake or omission made due to oversight or mishandling in documents, records, or transactions, typically seen as non-material and correctable.