Discuss the concept of insurable interest. Indicate the difference between a buyer's and a seller's insurable interest.
What will be an ideal response?
Closely related to identification and title is the idea of insurable interest. Anyone buying or selling expensive goods should make certain that the goods are insured. There are some limits, though, on who may insure goods, and when. If a person buying the insurance policy lacks a real interest in the thing insured, the law regards the insurance policy as a gambling contract and will consider it void. A buyer obtains an insurable interest when the goods are identified to the contract. The seller retains an insurable interest in goods as long as she has either title to the goods or a security interest in them.
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The Clayton Act was enacted to limit the provisions of the Sherman Act.
Answer the following statement true (T) or false (F)
If the incremental costs of processing further is greater than the incremental revenue, the decision to process the product or service further is justified
Indicate whether the statement is true or false
A supply chain execution system might electronically route orders from a manufacturer to a supplier using electronic data interchange (EDI), a standard format for the electronic exchange of information between supply chain participants.
Answer the following statement true (T) or false (F)
During decision making, virtual teams, as compared to face-to-face teams, are more likely to:
a. focus on emotions of members. b. focus on social characteristics of group members. c. be distracted by irrelevant social information. d. share unique information.