When Managing Desirable Long-Term Contractual Business Relationships,each Party's Insistence on Strict

question 42

Multiple Choice

When managing desirable long-term contractual business relationships,each party's insistence on strict adherence to their respective legal rights may not be a suitable option for the business.Which of the following is an example of an alternative method of dealing with a breach of contract?

• A) Treat the subject matter of the contract as a standard or ordinary commodity.
• B) Maintain the project's profitability by insisting on full compensation for any loss.
• C) Seek sufficient compensation for any resulting loss, but extend time for payment.
• D) Show respect for the other party while seeking a standard of reasonableness in return.

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Definitions:

Environmental Scanning

The process of systematically gathering, analyzing, and integrating information about external trends and developments that could impact an organization's strategy.

Marketplace Trends

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Technological Environmental Force

External factors related to advancements in technology that can affect the operations and competitiveness of businesses within an industry.

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