A Series of Organizational Positions in Order of Authority, with Each

question 56

Short Answer

A series of organizational positions in order of authority, with each person receiving orders from the one immediately above and issuing orders to the one immediately below is known as the .

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Definitions:

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Oral Contract

An agreement between parties that is spoken and not formally recorded in written form, yet is legally binding.

Enforceable

Capable of being imposed or executed in accordance with the law.

Bilateral Contract

An agreement featuring mutual obligations, where each party promises to perform an act in exchange for the other party's act.