Discuss the Emergence of the Virtual Organization

question 69

Essay

Discuss the emergence of the virtual organization.

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Definitions:

Bankruptcy

A legal procedure for dealing with debt problems of individuals or businesses; officially declared inability to pay off debts.

Liable

Being legally responsible for a particular act or omission, usually involving payment of damages or compliance with specific court orders.

Suretyship

A contractual agreement in which one party (surety) guarantees the obligations of a principal to a third party.

Guaranty

Guaranty is a legal commitment by a guarantor to pay a debt or perform an obligation if the original debtor fails to do so.