When a Company Allows a Foreign Firm to Pay It

question 114

Multiple Choice

When a company allows a foreign firm to pay it a fee to make or distribute the first company's product or service it is called

• A)outsourcing.
• B)franchising.
• C)licensing.
• D)countertrading.
• E)a joint venture.

Analyze the legal relationship between parties in a contract negotiation.

Identify the necessary elements required to form a contract.

Interpret the legal status of goods displayed in a self-service environment.

Determine the binding nature of different types of agreements.

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Definitions:

Cross-Cultural Psychology

Psychological research and theorizing that attempts to account for the psychological differences between and within different cultural groups.

Cultural Practices

The customs, rituals, and behaviors that are shared and practiced by members of a particular cultural or social group.

Outgroup Homogeneity Bias

The sociopsychological phenomenon by which members of a group to which one does not belong seem more alike than do members of a group to which one does belong.

In-Group Favoritism Bias

The tendency for individuals to give preferential treatment and express more positive attitudes towards members of their own group as opposed to those of out-groups.