When Precision in the Final Product Is Not Important,the Supply

question 59

True/False

When precision in the final product is not important,the supply manager is most likely to use simple specifications in the procurement of the product.

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Definitions:

Novation

The process of replacing an obligation to perform with a new obligation or replacing a party to an agreement with a new party.

Statutory Assignment

An assignment of rights that an assignee may enforce if certain conditions are met by the assignment.

Equitable Assignment

An assignment that could be enforced if all parties could be brought before the court.

Constructive Trust

An equitable remedy that imposes a trust-like obligation on someone who has wrongfully obtained or holds legal property rights.