A 'Statutory Term' Is

question 10

Multiple Choice

A 'statutory term' is:

• A)A statement of fact.
• B)A term of a contract explicitly agreed upon by the parties.
• C)A term included in a contract as a result of the operation of a certain legal rule although not necessarily discussed by the parties.
• D)A term incorporated into the contract by the operation of legislation.

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Definitions:

Minor Function

A less critical or smaller part of a business operation or process, often supporting larger, more essential functions.

Outsourcing

The business practice of hiring external firms or individuals to perform tasks, handle operations, or provide services that are either difficult to manage or outside the company's core competencies.

Major Business Function

Core activities essential for the operation and success of a business, such as marketing, production, and sales.

Outsourcing

The practice of hiring third parties to perform services, handle operations or provide goods that are either difficult to manage or are outside of a business's core competencies.