What Are the Elements of Common-Law Contract Formation? Which Two

question 84

Essay

What are the elements of common-law contract formation? Which two elements form mutual assent?

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Definitions:

Fixed Costs

Expenses that do not change with the level of goods or services produced over a short period.

Space Rental

The act of obtaining the use of a physical location or property for a specified period of time in exchange for payment.

Raw Material Cost

The expenditure incurred for the raw ingredients or basic materials that are converted through manufacturing processes into goods or services.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.