A Virtual Corporation Refers to a Permanent Network of Firms

question 249

True/False

A virtual corporation refers to a permanent network of firms linked by high-tech communication systems.

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Definitions:

Acceptance

In contract law, it's the expression of agreement to the terms of an offer, which then creates a legally binding contract.

UCC

The UCC serves as an extensive legal base for regulating commercial transactions of all kinds across the United States.

Mirror Image

In contract law, this principle states that an acceptance of an offer must not change the terms of the original offer for a valid contract to be formed.

Material Terms

Critical and essential components of a contract that specify the rights and obligations of the parties involved, impacting the performance and outcome of the contract.