________ Is a Clause in a Contract in Which the Parties

question 13

Multiple Choice

________ is a clause in a contract in which the parties specify certain events that will excuse nonperformance.

• A) Approval clause
• B) Express condition
• C) Force Majeure
• D) Implied-in-fact condition

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Definitions:

High-low Method

A method utilized in cost accounting that predicts variable and fixed expenses by examining the most and least active periods.

Maintenance Cost

Expenses incurred to keep property, equipment, or machinery in efficient operating condition.

Average Cost Data

Refers to the average costs incurred for producing a good, calculated by dividing the total cost of goods produced by the number of goods.

Monthly Production

The total volume of goods or services produced by a company in a single month.