If a Party to a Contract Intentionally Alters the Contract

question 88

True/False

If a party to a contract intentionally alters the contract materially,the innocent party may opt either to discharge the contract or to enforce it.

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Definitions:

Fixed Factory Overhead

The consistent, non-variable costs associated with operating a factory, such as rent, utilities, and salaried personnel.

Volume Variance

The difference between the expected amount of output and the actual output, often indicating efficiency in production.

Total Factory Overhead Cost Variance

The difference between the actual factory overhead costs incurred and the overhead costs that were expected or budgeted for a period.

Fixed Factory Overhead

The constant, recurring costs associated with operating a manufacturing facility, excluding variable costs such as direct labor and materials.