Contracts for Sale May Contain Sections That Cause Implementation of the Contract

question 26

Multiple Choice

Contracts for sale may contain sections that cause implementation of the contract to depend on the successful completion of some prior action such as the buyer's ability to obtain financing on specified terms. This type of contract is commonly referred to as a(n) :

• A) contract assignment
• B) equitable title
• C) contract with contingencies
• D) uniform settlement statement

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Definitions:

Modular Organization

refers to a business structure that divides a company into smaller, flexible, and interchangeable units, allowing for specialization and easier adaptation to change.

Industries

Broad sectors of the economy made up of businesses that share similar activities, products, or services.

Virtual Organization

A company that mainly operates through electronic communication and does not have a physical location, relying on networks and technology to perform its operations.

Strategic Control

A method for monitoring the execution of an organization's strategic plans and measures taken to adjust strategies when necessary.