A Company Has Reached the End of a Contractual Agreement

question 45

Multiple Choice

A company has reached the end of a contractual agreement with a vendor and wants to open it up for bid again before signing a new contract. This type of purchase situation is a:

• A)straight rebuy.
• B)modified rebuy.
• C)new task purchase.
• D)joint demand purchase.

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Definitions:

Vicarious Liability

A legal principle that holds a party responsible for the actions of another, based on the relationship between the two parties.

Assigned Liability

The process or outcome of legally transferring responsibility for a debt or obligation from one party to another.

Fault

A legal term referring to responsibility for a mistake or wrongdoing that results in harm or damage.

Power of Attorney

A legal document authorizing one person to act on another's behalf in legal or financial matters.