In Most Firms, the Group That Tracks Forecasts of Prices

question 30

Multiple Choice

In most firms, the group that tracks forecasts of prices and long term supplies of key materials is:

• A)suppliers.
• B)marketing.
• C)purchasing.
• D)accounting/finance.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from retracting a promise which the other party has reasonably relied upon to their detriment.

Oral Contracts

Agreements between parties that are made verbally and not recorded in written form, yet are still legally binding under certain conditions.

UCC

The Uniform Commercial Code is an extensive collection of statutes that regulate every aspect of commercial dealings across the United States.

Proper Electronic Form

A format for electronic documents that meets legally recognized standards and requirements for validity and enforceability.