Examlex
On the line in front of each statement, enter the letter corresponding to the term that best fits that statement. An item may be used more than once or not at all.
________ Costs that were incurred in the past and cannot be changed
________ Benefits foregone by choosing a particular alternative course of action
________ Expected future costs that differs among alternatives
________ Costs of developing, producing and delivering a product or service
________ A factor that restricts production or sales of a product
Principal
The main party to a transaction, such as a borrower in a loan agreement or a buyer in a sales contract.
Contract
An enforceable pact by law that involves two or more individuals or groups.
Legal Capacity
The capability recognized by law for a person to act in a particular role or enter into a contract, often related to age and mental soundness.
Express Authority
The power granted to an agent or representative explicitly stated by the principal in a written or oral form.
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