The First Rule of Contract Interpretation,under the ________,Tells Judges That

question 51

Multiple Choice

The first rule of contract interpretation,under the ________,tells judges that their primary objective in the interpretation of a written contract is to uncover the goals that the parties had when they entered into the contract in the first place.

• A)standard construction rule
• B)state of frauds
• C)subjective construction rule
• D)mutual assent rule

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Definitions:

Cost Variance

The difference between the budgeted or planned costs and the actual costs incurred.

Quantity Variance

A measure used in cost accounting to calculate the difference between the actual quantity of materials or labor used and the expected quantity.

Price Variance

The difference between the actual cost and the standard cost of an item, often analyzed to manage and control spending effectively.

Management

The process of directing and controlling a group or organization to achieve its goals through the efficient use of resources.