Gratuitous promises are not legally enforceable, except in certain circumstances
Indicate whether the statement is true or false
true
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Which of the following is a basic idea of the marketing concept?
A. A firm should "give customers what it produces best." B. A firm is obliged to have a positive effect on society. C. Survival and success require a profit. D. An organization should build "fences" around its own departments. E. A production orientation must guide the whole system.
Which of the following statements is NOT true regarding the advantages and disadvantages of a sole proprietorship?
a. A sole proprietorship can be created without formal agreements or state filings. b. The proprietor reports income from the business on a personal tax return. c. The proprietor alone bears liability for the losses. d. It is usually easy for sole proprietorships to raise capital.
To which of the following is an entrepreneur likely referring when using the term "angel" in reference to an investment plan?
a. An investment banker b. A venture capitalist c. Lenders of last resort who provide needed funds once it appears that an entrepreneur who has started a company is in financial trouble d. Family, friends, and wealthy individual investors to whom the entrepreneur first turns to seek funds
An action in strict product liability requires that a product be in a defective condition caused by its purchaser
Indicate whether the statement is true or false