Most of a Product's Life-Cycle Costs Are Locked in by Decisions

question 104

Multiple Choice

Most of a product's life-cycle costs are locked in by decisions made during the ________ business function of the value chain.

• A)marketing
• B)customer-service
• C)design
• D)manufacturing

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from reneging on a promise, even in the absence of a formal contract, if the other party has relied on that promise to their detriment.

Partial Performance

The situation where a party to a contract completes some but not all tasks or obligations agreed upon, often debated in legal disputes regarding contract enforcement and compensation.

Prenuptial Agreement

An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property. To be enforceable, it must be in writing.

Statute Of Frauds

A legal principle requiring certain contracts to be in writing and signed by the parties involved to be enforceable.