A contract under which a seller bills a customer for a product but the seller retains physical possession of the product until it is transferred to the customer at a point in time in the future.
(a) bill-and-hold arrangement
(b) contract liability
(c) upfront fees
(d) franchisor
Ans: (a) bill-and-hold arrangement
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Vimonland Theme Park sells the necessary rights to an investment company to run a Vimonland theme park in a foreign country
The investment company gains most of the profits from the enterprise while paying Vimonland Theme Park a percentage as royalties. This is an example of _____.
a. licensing
b. contract manufacturing
c. exporting
d. importing
Regarding paperwork required of customers:
A) much of this can be avoided with technology. B) most customer enjoy filling out forms. C) this is a necessary part of any complex transaction and cannot be modified by law. D) repetition is almost always necessary such as in medical forms for doctors.