Jane Linden Is Negotiating with James Paul to Buy His2012

question 90

Multiple Choice

Jane Linden is negotiating with James Paul to buy his2012 Mini-Cooper.The following excerpts from letters have occurred so far:
Jane: "I would be interested in purchasing your Mini-Cooper."
James: "I am thinking of selling my Mini-Cooper."
Jane: "I am considering selling my diamond tennis bracelet to buy your Mini-Cooper."
Which of the following statements is true?

• A)James and Jane have a contract to sell the Mini-Cooper.
• B)James and Jane do not have a contract to sell the Mini-Cooper.

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Definitions:

Production Data

Information and statistics related to the quantity and cost of materials and labor used in the production of goods.

Equivalent Units

A measure used in cost accounting to represent the amount of work done on partially finished goods, expressed in terms of fully completed units.

Materials Entered

The recording of raw materials introduced into a production or manufacturing process, taking note of their quantity and value.

Equivalent Units

A measure used in cost accounting to express the amount of work done by manufacturers in terms of fully completed units, accounting for partially completed goods as well.