List the Objectives of Internal Control and Give an Example

question 14

Essay

List the objectives of internal control and give an example of how each is implemented.

Recognize the purposes of service contracts and their benefits to consumers.

Know the roles of consumer protection agencies, such as the Better Business Bureau.

Understand consumer behavior, including impulse buying and complaint resolution.

Identify requirements and information provided on product labels.

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Definitions:

Condition Precedent

A condition in a contract that must be met before a party's obligation becomes enforceable.

Condition Subsequent

A legal term referring to an event or state of affairs that, if it occurs, will terminate a party's rights under a contract.

Repudiation

The rejection or denial of the validity of a contract, claim, or other obligations, implying an intent not to fulfill the terms.

Breach of Contract

The failure, without legal excuse, to perform any promise or obligation stated in a contract, which may entitle the other party to legal remedies such as damages.