For Many Types of Service Organizations Such as Hospitals, Banks

question 48

Multiple Choice

For many types of service organizations such as hospitals, banks and airlines, the primary cost of operations is:

• A) establishing and maintaining a presence on the Internet.
• B) insurance and legal expenses.
• C) coping with obsolescence that results from the rapid pace of technological change.
• D) compensation of labor.

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Definitions:

Consideration

In legal terms, it's something of value exchanged between parties in a contract, making the agreement binding.

Illusory Promise

A statement or promise that appears to assure a commitment but, upon closer inspection, lacks the necessary binding effect to be considered legally enforceable.

Breach Of Contract

A situation where one party fails to fulfill their obligations under a contract.

Adequacy Of Consideration

The fairness of the value exchanged in a contract, though not necessarily equal in monetary terms.