Describe the features of the exploration stage in buyer-seller partnerships.
What will be an ideal response?
In the exploration stage, the relationship is defined through the development of expectations for each party. The buyer tests the seller's product, how the seller responds to requests, and other similar actions after the initial sale is made. A small percentage of the buyer's business is given to minimize the risk in case the vendor cannot perform. When the vendor performs well, trust is developed, as is a personal relationship.
You might also like to view...
Which of the following is not a common test of control for marketable securities?
a. Review the minutes of the board meetings. b. Review broker's advice for accurate recording of security c. Inquire of management about its process for reclassifications. d. Review reports of internal audits.
During 2012, the accounts receivable turnover ratio for Upward Company increased from 10 to 15 times per year. Which one of the following statements is the most likely explanation for the change?
A) The company's credit department has followed up with customers whose account balances are past due in order to generate quicker collections. B) The company has decreased sales to its most credit worthy customers. C) The company has increased the amount of time customers have to pay their accounts before they are past due. D) The company has extended credit to more risky customers in order to increase the accounts receivable turnover ratio.
When a party to a contract intentionally makes the terms of a contract unclear, it is called
a. vagueness. b. duress. c. ambiguity. d. a mistake.
A written request to a court to settle a dispute is called a(n):
A) complaint or petition B) discovery C) trial D)plaintiff