EDM Is the Computer-To-Computer Exchange of Business Data in Structured

question 25

True/False

EDM is the computer-to-computer exchange of business data in structured formats that allow direct processing of those electronic documents by the receiving computer system.

---

Definitions:

Pre-incorporation Contracts

Agreements entered into on behalf of a corporation that has not yet been legally formed, often leading to questions about enforceability.

Ratification

When the majority agrees with the terms of a collective bargain; when a principal confirms a contract entered into by his agent.

Promoters

Individuals or organizations that undertake the founding and organization of a corporation by arranging for its financing, registration, and public offering.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another. The obligated party is typically a trustee, financial advisor, or lawyer.