E-Procurement

question 141

Multiple Choice

E-procurement

• A) works best in long-term contract situations, and is not suited for auctions.
• B) is the same thing as Internet purchasing.
• C) represents only the auction and bidding components of Internet purchasing.
• D) is illegal in all states except Nevada and New Jersey.
• E) is used only for raw material purchasing.

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Definitions:

Consideration

In contract law, consideration refers to something of value exchanged between parties that is necessary for a valid contract.

Binding Contract

A legal agreement between two or more parties that is enforceable by law.

Interpret

To explain or provide the meaning of something, often used in the context of understanding legal documents, languages, or artistic works.

Insurance Policies

Contracts between an insurer and a policyholder that define the rights and duties regarding financial protection against losses.