Quality Control Is Essentially Final Inspection of the Products to Ensure

question 3

True/False

Quality control is essentially final inspection of the products to ensure that no defectives are shipped out.

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Definitions:

Novation

In a contract, the substitution of a third party for one of the original parties; the duties remain the same under the contract, but one original party is discharged and the third party takes that original party’s place.

Substituted Contract

An agreement between the contracting parties to replace an existing contract with a new one, possibly altering terms or obligations.

Punitive Damages

Financial compensation awarded in a lawsuit intended to punish the defendant for especially harmful behavior and deter future misconduct.

Liquidated Damages

A predetermined sum of money agreed upon by the parties in a contract to be paid as compensation if one party breaches the contract.