The Process of Acquiring Merchandise from a Supplier Begins with The

question 38

Multiple Choice

The process of acquiring merchandise from a supplier begins with the:

• A)check for payment.
• B)receiving report.
• C)purchase order.
• D)invoice.

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Definitions:

Legal Damages

Compensation, often financial, awarded by a court to a person who has suffered loss or injury due to the unlawful act or negligence of another.

Novation

In a contract, the substitution of a third party for one of the original parties; the duties remain the same under the contract, but one original party is discharged and the third party takes that original party’s place.

Substituted Contract

An agreement between the contracting parties to replace an existing contract with a new one, possibly altering terms or obligations.

Punitive Damages

Financial compensation awarded in a lawsuit intended to punish the defendant for especially harmful behavior and deter future misconduct.