In Contrast to Business Format Franchising,in Product/trademark Franchising,franchisees ________

question 35

Multiple Choice

In contrast to business format franchising,in product/trademark franchising,franchisees ________.

• A) utilize prototype stores
• B) receive assistance from franchisors on site location and start-up practices
• C) operate relatively autonomously from suppliers
• D) have an active relationship with the franchisor

Recognize contracts implied in law and the concept of quasi-contracts.

Understand different types of obligations and contracts, including quasi-contractual obligations.

Comprehend the doctrine of promissory estoppel and its application to enforce non-contractual promises based on reliance.

Identify and explain the essential elements required for the formation of a valid contract.

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Definitions:

Bank's Warranties

Assurances provided by a bank concerning the validity and authenticity of a financial instrument or transaction.

Forged

The process of illegally copying or altering documents or objects, often to deceive or commit fraud.

Bank Statement

A summary issued by a bank detailing the transactions in a customer's account over a specific period, including deposits, withdrawals, and balances.

Stop Payment

An order issued to a bank by an account holder not to pay a specific check that has been written and issued but not yet cashed.