Examlex
An important advantage of a process layout over a product layout is efficiency.
Letter of Credit
A financial document issued by a bank guaranteeing a buyer's payment to a seller within a specified timeframe and under agreed conditions.
Formal Contract
A contract that by law requires a specific form, such as being executed under seal, to be valid.
Unilateral Contracts
Contracts in which one party makes a promise in exchange for the other's performance, which fulfills the contract.
Informal Contract
A contract that does not require a specified form or formality in order to be valid.
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