The Final Step in the Process of Starting a Business

question 88

Multiple Choice

The final step in the process of starting a business is _____.

• A)getting your financing
• B)creating your business plan
• C)deciding if you need partners
• D)researching your customer base

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Definitions:

Unilateral Contract

A contract in which only one party makes a promise or undertakes a performance, while the other party must act to trigger the obligation.

Legally Sufficient Consideration

Value that the law recognizes as adequate to support a contract, ensuring that each party agrees to give or do something of value.

Economic Duress

A condition in which one is forced to engage in a financial transaction due to threats or pressures, rendering the agreement involuntary.

Irrevocable Offer

An offer that cannot be withdrawn or canceled by the offeror for a specified period, assuming the offeree has given some consideration in exchange for the offer's irrevocability.