Various Factors Determine the Need for Either Mandatory or Discretionary

question 51

Multiple Choice

Various factors determine the need for either mandatory or discretionary product adaptation.Which of the following factors is a product characteristic?

• A) Nontariff barriers
• B) Brand
• C) Cost of adapting
• D) Profitability

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Definitions:

Guaranty

A legal commitment to be responsible for another's debt or contractual performance if that person fails to meet their obligations.

Primarily Liable

Liable for paying the amount designated on an instrument when it is presented for payment.

Common Law Lien

A right to keep possession of property belonging to another person until a debt owed by that person is paid in full.

Statute

A written law passed by a legislative body at the federal, state, or local level.