Customers May Change Firms When Faced with Minimal Inventory Selection

question 22

Multiple Choice

Customers may change firms when faced with minimal inventory selection. Sales lost in this manner illustrate the:

• A) costs of carrying inventory.
• B) lack of customer loyalty.
• C) need to maintain a high current ratio.
• D)impact of shortage costs.

Identify types of contracts that require writing under the statute of frauds.

Recognize the role of secondary obligations and guarantees in the enforcement of contracts.

Explain the principles of promissory estoppel and how it affects contract enforceability.

Understand exceptions to the statute of frauds, including partial performance and admission.

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Definitions:

Larynx

The voice box; a structure in the throat containing the vocal cords, responsible for producing sound and protecting the airway during swallowing.

Cardiac Sphincter

A muscular valve located between the esophagus and the stomach, preventing acid reflux from the stomach back into the esophagus.

Pyloric Sphincter

Thickening of the circular layer of the gastric musculature encircling the junction between the stomach and duodenum; also called pylorus.

Hydrochloric Acid

A strong acid secreted by the stomach lining that helps in digestion by breaking down food and killing bacteria.