With Regard to the Promise of Irrevocability, the CISG Differs

question 37

Multiple Choice

With regard to the promise of irrevocability, the CISG differs from the UCC in that the CISG ________.

• A) requires the promise of irrevocability to be signed by both parties
• B) requires the promise of irrevocability to be limited by time
• C) does not require for the promise of irrevocability to be in writing
• D) makes it mandatory only for the offeree, and not for the offeror, to obey the promise of irrevocability

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Definitions:

Actual Hours

The total time spent on a specific task or job by workers, typically measured in hours.

Variable Overhead Efficiency Variance

The difference between the standard cost of variable overhead allocated to production and the actual variable overhead incurred, based on the efficient use of the allocation base, such as labor-hours.

Standard Activity

A benchmark level of activity or performance against which actual outcomes can be measured.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead to products or job orders, calculated before the period begins based on expected costs and activity levels.