Describe the Concepts of Informal Methods for Distributing Information

question 5

Essay

 Describe the concepts of informal methods for distributing information. How do they compare to formal methods for distributing information?

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Definitions:

Auction

A public sale in which goods or property are sold to the highest bidder.

Revocation

The act of officially withdrawing, cancelling, or reversing a decision, offer, or statement.

Counteroffer

A response to an original offer which modifies conditions or proposes new terms, effectively rejecting the initial offer and becoming a new proposal in the negotiation process.

Lapse Of Time

The expiration of a specified duration, after which legal claims may be void or rights may expire.