JIT Is Designed to Achieve High-Volume Production Using a Significant

question 27

True/False

JIT is designed to achieve high-volume production using a significant inventory of component parts that minimizes the probability of running out of supplies.

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Definitions:

Contract

A legally enforceable agreement between two or more parties that is binding and requires each party to fulfill certain obligations.

Implied

In legal context, refers to obligations or rights that are not explicitly stated but are understood as a part of the agreement or contract.

Intervening Illegality

A situation where a change in law or illegal act by a third party prevents the fulfillment of a contract, thereby excusing performance by the contracted parties.

Embargo

A government order that restricts trade or exchange with a particular country or the exchange of specific goods.