If a Firm Establishes a Back-Up Plan, They Are Engaging

question 64

Short Answer

If a firm establishes a back-up plan, they are engaging in
contingency planning.
crisis management.
investment reduction.
differentiation.
none of these.

Understand the legal consequences of breaching a contract.

Distinguish between conditions and warranties within contract terms.

Recognize the concepts of frustration and unforeseen events in contract law.

Comprehend how contracts can be terminated by agreement or by law.

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Definitions:

Unemployment Program

A government initiative providing financial assistance and support services to eligible individuals who are temporarily out of work.

FICA-OASDI Tax

Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance tax; a payroll tax that funds Social Security and Medicare in the United States.

FICA-Medicare Tax

A payroll tax deducted from employee wages and paid by both employees and employers to fund Medicare.

Federal Income Tax

A tax levied by the federal government on yearly income earned by individuals, businesses, and other organizations.