When the Terms of an Agreement Make It Impossible to Perform

question 107

True/False

When the terms of an agreement make it impossible to perform the contract within one full year from the time the contract is entered into, there must be evidence in writing for it to be enforceable.

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Definitions:

AFC

Average fixed cost, or the total fixed costs divided by the quantity of output produced, indicating how fixed costs per unit change with production levels.

MC

The additional cost incurred for producing one more unit of a good or service; it's synonymous with marginal cost.

Marginal Cost

is defined as the increase in total production cost that arises from producing an additional unit of a good or service.

TVC

Total Variable Costs, which are the sum of expenses that vary directly with the level of production or business activity.