Which of the Following Statements About a Firm's Mission Statement

question 44

Multiple Choice

Which of the following statements about a firm's mission statement is false?

• A) Typically, mission statements are short, with approximately 5 to 10 words.
• B) It is a simple statement of the basic purpose for the firm's existence.
• C) The firm will include its ''reason for existence'' in its mission statement.
• D) It identifies what is unique about the firm.

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Definitions:

Unilateral Contract

A type of contract in which only one party makes a promise to perform in exchange for an act by the other party.

Promissory Estoppel

A legal principle that prevents a party from retracting a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value that is promised, given, or received in a contract to make it legally binding.

Moral Consideration

Ethical values or principles that influence an individual’s decisions and actions, often guiding behavior in social and professional contexts.