_____ Are Materials That Are Used in Production in a Manufacturing

question 107

Short Answer

_____ are materials that are used in production in a manufacturing company or are placed on the shelf for sale in a retail environment.

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Definitions:

Assignor

In a contract, the party who transfers his or her rights to the contract to a third party (an assignee), giving the assignee the right to collect what was contractually agreed on in the original contract.

Assignee

In a contract, the party who receives the rights of another party (an assignor) to collect what was contractually agreed on in the original contract.

Prenuptial Agreement

An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property. To be enforceable, the agreement must be in writing.

Subrogation

The legal right of a third party, usually an insurance company, to pursue recovery of amounts paid for a claim from a liable party.