Products and Services Fall into Two Broad Classifications Based on the Types

question 123

Multiple Choice

Products and services fall into two broad classifications based on the types of consumers that use them.Which of the following is one of these broad classes?

• A)industrial products
• B)specialty products
• C)supplies and services
• D)materials and parts
• E)convenience products

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Definitions:

Modified Agreement

A change or revision to the terms of an existing contract, which must be agreed upon by all parties involved.

Substitute Contract

A legal agreement that replaces a previous contract, often due to modified terms or conditions.

Pre-existing Duty

A legal concept where a party's promise to perform a duty that is already owed under the law or under a pre-existing contract is not considered sufficient consideration for a new contract.

Statute of Limitations

Laws setting the maximum period one can wait before filing a lawsuit, depending on the type of claim or crime.