Mike and Ike Agreed Orally That Mike Would Tutor Ike

question 53

Multiple Choice

Mike and Ike agreed orally that Mike would tutor Ike in geology for $10 per hour for 3 hours.After Mike has done the 3 hours of tutoring,but before Ike pays him next week,this contract is:

• A) executed
• B) implied-in-fact
• C) executory
• D) performed
• E) quasi-executed

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Definitions:

Gallons

Gallons are a measure of volume used primarily in the United States, equivalent to 3.785 liters.

Labor Quantity Variance

The difference between the actual labor hours used in production and the standard hours expected, multiplied by the standard hourly labor rate.

Direct Labor

The cost of wages for employees who are directly involved in the production of goods or services.

Production Department

The division or area in a manufacturing facility where products are made or assembled.