Around the World,most Retailers Are _____,Operating One or a Few

question 97

Multiple Choice

Around the world,most retailers are _____,operating one or a few stores in their community,owned by a single person or partnership and not operated as part of a larger retail institution.

• A) independent retailers
• B) chain stores
• C) franchise outlets
• D) specialty clubs
• E) product assortment stores

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Definitions:

Specific Performance

A legal remedy in contracts where the court orders the party who breached the contract to perform the promised duty as agreed, rather than simply compensating the other party with money.

Strict Performance

A legal principle that requires parties to a contract to fulfill their obligations exactly as specified in the contract, without deviation.

Substantial Performance

A legal concept indicating that if a party has performed enough of its contractual obligations, it may still enforce the contract despite minor breaches.

Uniform Commercial Code

A comprehensive set of laws that govern commercial transactions in the United States to standardize and simplify the legal process.