Biltmore Corp

question 153

Short Answer

Biltmore Corp. is involved in a planning process for doing business internationally. They have already determined that their product can be modified to fit foreign markets. What should they do next?
Determine if the company has the skills necessary to do business abroad
Determine if there is international demand for the product
Assess the business climate for receptivity to imports
Determine if the product needs to be modified to fit the foreign market
Conduct market research to determine potential sales

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Definitions:

Jointly And Severally

A legal term indicating that parties in an obligation or liability are responsible both together as a group and individually.

Contract Obligations

Duties imposed by a contract that parties must perform; failure to do so can result in legal action.

Partnership By Estoppel

A legal principle that occurs when a person who is not technically a partner in a business behaves like a partner or allows others to believe they are a partner, and as a result, may be held liable as a partner.

Justifiably Relies

A principle where a party reasonably depends on the statements or actions of another, typically in a legal or contractual context.