Some Firms Have Structured Their Procurement Function to Include Both

question 83

True/False

Some firms have structured their procurement function to include both centralized and decentralized purchasing.

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Definitions:

Mailbox Rule

A legal principle that deems an offer as accepted once the acceptance is dispatched, not when it is received by the offeror.

Dispatched

refers to sending off to a destination or for a specific purpose.

Effective

Achieving a desired or intended result, or coming into force; successfully producing a desired or intended result.

Mirror Image Rule

A principle in contract law that requires the acceptance of an offer to be identical to the offer itself, without any modifications, for a contract to be legally binding.