JIT Type Approaches Have Many Different Names

question 4

Multiple Choice

JIT type approaches have many different names. Stockless production is a :

• A) JIT approach
• B) Non-JIT approach

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Definitions:

Offeror's Death

refers to the termination of an offer in contract law due to the death of the person making the offer before it is accepted.

Automatically Terminates

A clause in an agreement that causes the contract to end without the need for notice, upon the occurrence of specific conditions.

Contract Formation

The process by which parties reach an agreement on the terms of a contract, creating mutual obligations enforceable by law.

Revocation

In general, the recalling or voiding of a prior action. In contract law, the withdrawal of an offer by the offeror prior to effective acceptance by the offeree.