The State of Illinois Was Having Budget Difficulties, So It

question 2

True/False

The state of Illinois was having budget difficulties, so it hired several private management consultancy firms to manage some state-owned enterprises. This is an example of privatization.

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Definitions:

Condition

A provision in a contract or agreement which stipulates that certain actions must be performed or certain events must occur before the contract is fully effective.

Law Firm

A business entity formed by one or more lawyers to engage in the practice of law.

Tender

An offer to perform an obligation or a formal offer, especially in the context of a bid for a project or to fulfill contractual requirements.

Performance

The act of fulfilling the terms of a contract, agreement, or obligation.