Suppliers Are Most Powerful When the Products That They Sell

question 66

True/False

Suppliers are most powerful when the products that they sell have many substitutes.

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Definitions:

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Quantum Meruit

A legal principle meaning "as much as he has deserved," allowing a person to recover reasonable compensation for services or goods provided when no contract exists, or where a contract exists but precise amounts are not specified.

Relied Promise

This term does not correspond to standard legal or contractual terminology and may not be a real key term. NO.

Quantum Meruit

A Latin phrase meaning “what one has earned,” used in law to determine the amount to be paid for services rendered when no contract exists or when a contract is unenforceable.