Organizations That Are Formed to Offer Services to Clients and Not

question 8

Multiple Choice

Organizations that are formed to offer services to clients and not make a profit are ________, whereas, ________ are those organizations that are formed to make money, or profits, by offering products or services.

• A) for-profit organizations; nonprofit organizations
• B) unions; associations
• C) nonprofit organizations; associations
• D) co-ops; for-profit organizations
• E) nonprofit organizations; for-profit organizations

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Definitions:

Equitable Remedy

A judicial order enforcing a right or redressing a wrong, guided by principles of equity rather than strict legal rules.

Consensus

An element of a valid contract; both parties must objectively know and agree to its terms through an offer and an acceptance.

Rectification

The legal process of correcting a mistake in a document to reflect the true intentions of the parties involved.

Breach of Contract

The violation of a contractual obligation by failing to perform one's own promise, by impeding another party's performance, or by otherwise making performance impossible.