All of the following accurately describe the features and characteristics of a contract EXCEPT:
A) A contract binds both the seller and the buyer.
B) A contract obligates the seller to provide a specified product or service.
C) A contract obligates the buyer to pay for a specified product or service.
D) The project organization is always a buyer in a contract arrangement

Question

All of the following accurately describe the features and characteristics of a contract EXCEPT: 
A) A contract binds both the seller and the buyer. 
B) A contract obligates the seller to provide a specified product or service. 
C) A contract obligates the buyer to pay for a specified product or service. 
D) The project organization is always a buyer in a contract arrangement

Quizplus · Accepted Answer

Option D is incorrect as the project organization can be a seller in a contract arrangement if they are selling their products or services to another organization. The other options accurately describe the features and characteristics of a contract.

All of the Following Accurately Describe the Features and Characteristics