Explain What a Business Environment Is and What Factors Within

question 9

Short Answer

Explain what a business environment is and what factors within the environment put pressure on the business.

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Definitions:

Implied Covenant

An unspoken legal promise or guarantee, assumed to be included in a contract or transaction.

Good Faith

Acting with honesty and without intent to defraud or seek an unfair advantage, particularly in contractual or negotiation settings.

Fair Dealing

A legal doctrine that permits limited use of copyrighted material without requiring permission from the rights holders, applicable under certain conditions.

Materiality

The significance of an event, fact, or piece of information in influencing the decision-making of users, notably in the context of financial reporting or legal proceedings.