Before Preparing a Bid for Any Potential Contract, the Industrial

question 56

Multiple Choice

Before preparing a bid for any potential contract, the industrial firm should first:

• A)estimate the profitability of the potential contract.
• B)assess the probability of winning the contract.
• C)carefully define their objectives.
• D)conduct a preliminary analysis of their expected costs in performing the potential contract.
• E)evaluate the strength of potential competing bidders.

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Definitions:

Infant

A legal term referring to a person who is not yet of the age of majority and therefore lacks the legal capacity to enter into contracts.

Tort

A civil wrong or breach of duty to another person, as outlined by law, which could constitute a lawsuit for damages.

Contractual Incapacity

Contractual incapacity refers to a person's legal inability to enter into a binding contract due to various reasons such as age, mental condition, or duress.

Infant

A child in the earliest period of life, particularly before they can walk; in legal contexts, often synonymous with a minor.