Define Escalation of Commitment

question 51

Essay

Define escalation of commitment.Give an example of escalation of commitment in an organizational setting.

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Definitions:

Sale of Land

A legal transaction in which the ownership of property land is transferred from one party to another.

Acceptor

In the context of banking, the party who agrees to pay a bill of exchange upon its presentation, typically the drawee who becomes liable for payment.

Instrument

A legal document formally documenting a transaction or establishing a legal right or obligation.

Claiming Interest

The act of demanding a payment or compensation for the use of one's money or property, especially in legal or financial transactions.