When Groups of Companies Define Industry-Wide Standards That They Can

question 24

Multiple Choice

When groups of companies define industry-wide standards that they can all agree to, these are called:

• A) Corporate codes of conduct.
• B) NGO codes of conduct.
• C) Industry-wide codes of conduct.
• D) Fair wage levels.

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Definitions:

Novation

The act of replacing an existing contract with a new one, wherein all parties agree to make the switch.

Factoring

A financial transaction where a business sells its accounts receivable to a third party at a discount to secure immediate capital.

Assignment

Assignment refers to the transfer of rights or property from one party to another, commonly seen in contracts and legal agreements.

Novation

The act of replacing one obligation with another by mutual agreement, effectively creating a new contract.