What Is a 'Business Contingency Plan

question 83

Essay

What is a 'business contingency plan'?

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Definitions:

Sale of Goods

A transaction in which ownership of physical products is transferred from a seller to a buyer for payment.

Partial Performance

The situation where a party has completed some, but not all, of their contractual obligations.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and signed by the party to be charged, to prevent fraud and perjury in contractual dealings.

Delegation

A contracting party’s (a delegator’s) transfer of his or her duty to perform to a third party who is not part of the original contract (a delegatee).