A Contract Is Essentially an Agreement That Creates an Obligation

question 45

True/False

A contract is essentially an agreement that creates an obligation.

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Definitions:

Decentralization

The distribution of decision-making governance closer to the level of individual parts or locations within an organization, rather than concentrated at a central point of authority.

Senior Executives

Top-level managers or administrators in an organization responsible for making strategic decisions and overseeing the entire operation.

Complex

Consisting of many different and connected parts, making something difficult to understand or to find a solution for.

Formalization

The extent to which roles, rules, and procedures in an organization are standardized and written down.