The Major Objective of JIT Is to

question 32

Short Answer

The major objective of JIT is to
minimize the number of different parts being used.
minimize stock-outs of raw materials.
minimize inventory costs.
ensure smooth production operations.
improve the quality of incoming raw materials and parts.

Differentiate between liquidated and unliquidated debts and their implications on accord and satisfaction.

Recognize exceptions to the rule requiring consideration, including promissory estoppel and modifications under the UCC.

Distinguish between bilateral and unilateral contracts and their respective considerations.

Assess the role of adequacy of consideration in contract enforcement and exceptions related to fraud.

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Definitions:

Mandamus

A judicial writ issued as a command to an inferior court or ordering a person to perform a public or statutory duty.

Decision Maker

An individual or group responsible for making judgments and choices in a given situation.

Negotiation

The process by which two or more parties aim to reach a mutually acceptable agreement.

Negotiator

A person skilled in discussion with the aim of reaching an agreement or compromise on behalf of a party in a dispute or negotiation.