A One-Hour Photo Processing Machine in a Walmart Store Is

question 8

Multiple Choice

A one-hour photo processing machine in a Walmart store is an example of a:

• A) microfactory.
• B) downsize strategy.
• C) diversified strategy.
• D) lean production system.
• E) falling price strategy.

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Definitions:

Sufficient Consideration

A legal concept indicating that the value exchanged in a contract is recognized as adequate, making the contract binding and enforceable.

Illusory Promise

A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.

Promissory Estoppel

A legal principle that prohibits a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.

Detrimental Reliance

Occurs when a party takes action based on the promise of another, suffering harm as a result when the promising party fails to fulfill their commitment.