Which of the Following Is Part of the Purchasing Cycle

question 56

Multiple Choice

Which of the following is part of the purchasing cycle?
(I) Purchasing selects a supplier.
(II) Orders from vendors are received.
(III) Purchasing receives a requisition.

• A)II and III
• B)I, II, and III
• C)I only
• D)I and II
• E)I and III

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Definitions:

Frustrated Contract

A contract under which performance by a party is rendered impossible due to an unexpected or unforeseen change in circumstances affecting the agreement.

Specific Performance

A legal remedy in contracts law where a court orders a party to perform their obligations under a contract, rather than paying damages for not fulfilling the contract.

Injunction

A legal order from a court that compels a party to do or to refrain from doing specific acts, often used to prevent harm or to preserve status quo pending litigation.

Quantum Meruit

Quantum Meruit is a legal principle that allows a party to recover the reasonable value of services provided, even if there was no formal contract, under circumstances where payment is expected.