Noel and Lyle Have a Contract Whereby Noel Is to Perform

question 9

Multiple Choice

Noel and Lyle have a contract whereby Noel is to perform routine construction services according to the blueprints that Lyle has provided.Noel assigns the contract to David.As a result of this assignment:

• A) Lyle can bring suit based upon detrimental reliance.
• B) Noel has no more rights or responsibilities with regard to the contract.
• C) Noel no longer has any rights under the contract,but he remains responsible for the duties he agreed to perform.
• D) Noel has all of his rights under the contract,but he has no responsibility for the performance of the duties.

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Definitions:

Research and Development

Research and Development (R&D) involves activities that companies undertake to innovate and introduce new products or services, often focusing on improving existing offerings.

Costs

The monetary value incurred to produce goods or services, including direct expenses, indirect expenses, and overheads affecting a company's profitability.

Operating Expenses

Costs associated with the day-to-day operations of a business, excluding the costs of producing goods sold (COGS); includes expenses like rent, utilities, and salaries.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the consumption or wear and tear of the asset.