The Most Important Element in Determining Whether a Sales Contract

question 28

Multiple Choice

The most important element in determining whether a sales contract has been made is the:

• A) language of the contract.
• B) fact that the terms of the offer and acceptance are exactly alike.
• C) number of open terms.
• D) intention of the parties to make a contract.

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Definitions:

Work in Process

Inventory that includes all materials, labor, and overhead costs for products in the production process but not yet completed.

Lean Manufacturing

A methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Cross-Training

Cross-training involves teaching employees the skills and responsibilities of other positions within the organization to increase flexibility and efficiency.

Product-Oriented Layout

The organization of manufacturing processes around a product. Also referred to as product cells.