Shawna Received a Factory Recall Notice from Her GM Dealership

question 63

Multiple Choice

Shawna received a factory recall notice from her GM dealership.She accepted the dealership's offer to drive her to work when she brings the car in for the service recall.What will be the certain result when Shawna hands the dealership her car keys?

• A) An agreement on price for the service will be created in advance.
• B) An incidental storage bailment will be created.
• C) A very high standard of care will be expected.
• D) The dealership will lose the right to retain property for payment.

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Definitions:

Value Of Goods

The monetary worth assigned to products, determined by factors such as market demand, production costs, and competitive pricing.

Just-In-Time System

The Just-In-Time System is an inventory management philosophy aimed at decreasing waste and increasing efficiency by receiving goods only as they are needed in the production process, thereby reducing inventory costs.

Inventories

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Production Lead Times

The total time it takes from the initiation to the completion of a production process, including both processing and waiting times.