Identify and Explain Two Situations in Which Legislation Allows a Stranger

question 67

Essay

Identify and explain two situations in which legislation allows a stranger to sue on a contract that was made for its benefit.

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Definitions:

Obsolescence

The process of becoming outdated or no longer used, often because of the introduction of newer and more effective technologies or products.

Safety Stock

An additional quantity of an item held in inventory in order to reduce the risk that the item will be out of stock.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, indicating how spread out the data points are.

Lead Time

The total amount of time it takes from the initiation of a process or order until it's completed, influencing inventory levels and customer satisfaction.