Typically, as an Individual, a Customer Has Substantial Bargaining Power

question 64

True/False

Typically, as an individual, a customer has substantial bargaining power over a large manufacturing industry.

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Definitions:

Partial Performance

Completion of only part of the obligations specified in a contract, which may affect the enforceability or terms of the contract.

Lost Profits

Financial gains that were expected but not realized due to the wrongful acts of another party.

Breach of Contract

The failure to fulfill the terms agreed upon in a contract, whether by not performing duties, providing defective goods, or any other non-compliance.

Contractor

An individual or firm that agrees to provide materials or perform services for another party under the terms of a contract.