Off the Rack, Off the Rack and Tailored to Fit

question 46

True/False

Off the rack, off the rack and tailored to fit, and custom made are the three ways that a customer typically buys a suit and can be applied to the purchase of an ERP systems.

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Definitions:

Draft

A preliminary version of a document or plan that is subject to revisions or editing.

Holder in Due Course

A legal term referring to a party that has acquired a negotiable instrument, like a check, in good faith and has the right to collect the face value of the instrument without any defenses.

Bankruptcy

A legal process through which individuals or businesses unable to meet their financial obligations can seek relief from some or all of their debts.

Real Defense

In negotiable-instruments law, any defense that can be used against everyone, including holders in due course. Also called absolute defense and universal defense.