In Order to Form a Contract,the Parties Must

question 17

Multiple Choice

In order to form a contract,the parties must:

• A) manifest their agreement subjectively.
• B) manifest their agreement objectively.
• C) indicate solely through written word their intent.
• D) create a formal document called a contract.

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Definitions:

Direct Labor Hour

A measure of the labor time specifically involved in the direct manufacture of products, not including indirect tasks.

Direct Labor Rate Variance

It's a measure used in cost accounting to determine the difference between the actual labor cost per hour and the expected (or standard) cost per hour.

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the wage rate, indicating inefficiency or efficiency in production.

Standard Hours Per Unit

The predetermined amount of time expected to be required to produce one unit of a product under standard operating conditions.