When Asked to Secure a Supplier for Your Company, What

question 44

Multiple Choice

When asked to secure a supplier for your company, what is the one goal you should be focused on to ensure the task is completed correctly?

• A) to ensure there is evidence of a deliberate intention to create legal relations
• B) to select a reliable supplier, negotiate terms, and secure a written contract
• C) to secure terms that will allow for the recovery of related financial losses
• D) to secure a commitment on price and the delivery date of the goods

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Definitions:

Association

A group of individuals who voluntarily come together to achieve a common purpose, often structured as a legal entity.

Causation

A relationship between two events where one event is affected by the occurrence of the other event.

Limited Resources

Refers to the finite availability of goods and inputs, such as labor, raw materials, and capital, which are used to produce economic outputs.

Unlimited Wants

The economic concept that humans have insatiable desires for goods and services, which exceeds the resources available to satisfy them.