For a Resource or Capability to Be a Source of Competitive

question 9

True/False

For a resource or capability to be a source of competitive advantage,two conditions must be present: scarcity and relevance

Recognize the definitions and differences between primary and secondary liability.

Identify the process and implications of instrument dishonor and the conditions under which it occurs.

Understand the concept of "without recourse" endorsements and their effect on liability.

Grasp the role of unauthorized signatures and the legal consequences they invoke.

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Definitions:

Panel on the Nonprofit Sector

An advisory group or committee that focuses on addressing issues, challenges, and opportunities within the nonprofit sector, often providing guidance, research, and recommendations.

Governance Committee

A group within an organization charged with overseeing the strategic direction and accountability, often focusing on board recruitment, selection, and evaluation.

Board Professionals

Specialists or experts who provide guidance, advice, or services to an organization's board of directors, often in legal, financial, or strategic planning areas.

Carver's Model

A governance model created by John Carver that emphasizes the board's responsibility for the organization's purpose, direction, and overall policy.