Steven Managed an Auto Parts Store in the 1990s

question 9

Multiple Choice

Steven managed an auto parts store in the 1990s.At that time,stockouts-failure to have the parts auto mechanics needed to do their work that day-increased the likelihood of the mechanics becoming customers of competing auto supply stores.To avoid this problem and keep his business customers,Steven most likely

• A) canceled orders and shifted the business to competitors.
• B) increased promotional outlays to overcome customer dissatisfaction.
• C) used exclusive geographic territories to reduce supply chain inefficiencies.
• D) stockpiled inventory, adding to the cost of providing auto parts.
• E) returned to traditional distribution center logistics.

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Definitions:

Unliquidated Debt

A debt for which the exact value has not been determined, often due to disputes over amount or the presence of damages.

Unilateral Contract

A type of contract where one party makes a promise in exchange for an act by the other party, becoming binding once the act is completed.

Bilateral Contract

A contractual agreement involving two parties where each promises to perform an act in exchange for the other's act.

Past Consideration

Refers to an act or benefit given in the past that cannot be legally considered as an inducement for a contract.