Which Statement Is TRUE

question 32

Multiple Choice

Which statement is TRUE?

• A) Companies must choose between having a mission statement or a vision statement.
• B) A company can't have a mission statement unless it has a vision statement.
• C) A vision statement cannot be established until a company has developed its mission statement.
• D) The vision statement should be established before the mission statement.
• E) Companies are required by law to have both mission and vision statements.

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Definitions:

Illegal Agreement

A contract or arrangement that is forbidden by law because it involves actions or terms that violate legal statutes.

Competing Business

A company that offers similar products or services as another business within the same market or industry.

Reformation

The legal process of modifying a contract or document to accurately reflect the true intentions of the parties involved.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no actual contract exists between the parties involved.