A Small Number of People with Complementary Skills Who Are

question 14

Multiple Choice

A small number of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable and whose membership should be consistent is known as a:

• A) committee.
• B) group.
• C) team.
• D) unit.

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Definitions:

Fundamental Breach

A serious violation of a contract that permits the aggrieved party to terminate the agreement and sue for damages.

Exemption Clause

A part of a contract that seeks to limit a party's liability for breaches of the contract or negligence, often subject to legal restrictions.

Bailment Contract

An agreement where physical possession of personal property is transferred from one party to another, with the understanding that the property will be returned.

Contract Frustration

A legal principle that releases both parties from their contractual obligations when an unforeseen event renders the contract physically or commercially impossible to perform.