Firms That Develop Strategies That Do Not Include Technological Advances

question 115

True/False

Firms that develop strategies that do not include technological advances run the risk of becoming obsolescent.

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Definitions:

Material Breach

A significant violation or failure to comply with a contractual obligation, which allows the other party to terminate the contract.

Time is of the Essence

A clause in contracts that specifies that exact times and dates are crucial and non-adherence to them constitutes a breach of contract.

Strict Performance

A legal standard requiring parties to a contract to fulfill their obligations exactly as specified in the contract, without deviation or error.

Express Condition

A specific condition explicitly stated in a contract that must be fulfilled for the contract's obligations to be performed.