Business Firm Refers to

question 77

Multiple Choice

business firm refers to

• A) a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.
• B) a legal entity engaged in business activities solely with the intent of serving its employees without the intent of making a profit.
• C) a privately owned organization that serves its customers to earn a profit so that it can survive.
• D) a group of people united through contractual or corporate ownership.
• E) a publicly owned organization that serves the general population.

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Definitions:

Performance

The execution, accomplishment, or carrying out of something such as a task, a contract, or a duty.

Accord and Satisfaction

A legal agreement between parties to settle a dispute by both agreeing to and performing new terms different from the original contract.

Original Debt

The initial amount of money borrowed or owed, before any interest or fees are added.

Implied-in-Fact Conditions

Terms and conditions in a contract that are not expressly stated but can be inferred from the nature of the agreement and the actions of the parties involved.