Under the Industry-Structure Model, the Key Force Around Which All

question 92

Multiple Choice

Under the industry-structure model, the key force around which all others revolve in an industry is ________.

• A) customer preferences
• B) resource allocation
• C) rivalry
• D) human resources

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Definitions:

Novation

The process of replacing an existing obligation with a new one, substituting a party or terms in a contract with the consent of all parties involved.

Rules of Interpretation

Guidelines and principles used to determine the meaning and intention of legal texts and statutory provisions.

Doctrine of Privity

A principle in contract law stating that contracts are binding only upon the parties signing the contract and no third party can enforce or be bound by the contract.

Contract Law

The body of law that governs the formation, enforcement, and interpretation of contractual agreements.