In a Large Firm Like Hewlett-Packard or General Electric,a Salesperson's

question 75

Multiple Choice

In a large firm like Hewlett-Packard or General Electric,a salesperson's career path usually begins at the level of:

• A) district sales manager.
• B) sales engineer.
• C) sales trainee.
• D) key account salesperson.
• E) assistant manager.

Understand the concept of unlimited liability for sole proprietors and partners.

Comprehend the legal entity status of societies and their separation from members.

Differentiate between partners' responsibilities to each other and to third parties.

Understand how partnership agreements can define partner roles, responsibilities, and the creation of different partner classes.

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Definitions:

Legal Obligation

A duty enforced by law, requiring an entity or individual to conform to certain actions or refrain from certain acts.

Written Promise

A written document where one party agrees to perform or refrain from specific actions.

Quantum Meruit

A legal principle that allows a person to recover the reasonable value of services provided, when no specific contract was made as to payment.

Equitable Estoppel

A legal principle preventing one party from taking unfair advantage of another when their prior actions or words have led to a reliance by the latter.