A(n) _________ Is a Product, Service, or Idea That Creates

question 276

Multiple Choice

A(n) _________ is a product, service, or idea that creates value for both the organization and its customers by satisfying their needs and wants.

• A)organization
• B)business firm
• C)firm
• D)offering
• E)industry

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Definitions:

Promissory Estoppel

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

Hamer v. Sidway

A landmark case in contract law regarding forbearance as consideration, where a promise not to do something can be as legally binding as a promise to do something.

Unforeseen Circumstances

Situations or events that could not have been predicted or expected, often leading to disruptions in agreements or plans.

Preexisting Duty Rule

A legal principle stating that an existing contractual obligation cannot serve as consideration for a new contract.