When Should an Engagement Letter Be Sent to the Client

question 28

Multiple Choice

When should an engagement letter be sent to the client?

• A)after the initial client interview
• B)before the initial client interview
• C)after the fee agreement is signed
• D)before the fee agreement is signed
• E)when the case is closed

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Definitions:

Price-Elasticity Coefficient

A numeric value that measures how much the quantity demanded of a good responds to a change in the price of that good, indicative of its price sensitivity.

Price Reduction

A decrease in the selling price of goods or services, often intended to stimulate demand or respond to competitive market pressures.

Price Elasticity

The measure of how responsive the quantity demanded or supplied of a good or service is to a change in its price.

Substitutes

Goods or services that can be used in place of each other, where the use of one increases the likelihood of the use of the other decreasing.