_____ Is a Written or Electronic Description of What the Firm

question 78

Multiple Choice

_____ is a written or electronic description of what the firm wants to buy.

• A) An estimate
• B) A negotiated contract
• C) A new market order
• D) A purchase order
• E) A set of purchasing specifications

---

Definitions:

Statute of Frauds

A rule of law mandating that some agreements must be documented in written form to be legally binding.

Signature of Guarantor

The act of signing by a guarantor, who agrees to fulfill the obligations of a debtor in case the debtor fails to meet their commitments.

Written Agreement

A formal, documented contract between parties, outlining terms and conditions that are legally binding.

Written Contract

A legally binding agreement between two or more parties that is documented and signed in writing.