Any Contract, Whether It Is for the Sale of Real

question 9

Multiple Choice

Any contract, whether it is for the sale of real estate or some other entity, must contain five basic elements. However, any contract for the sale of real estate must adhere to two additional requirements. Which of the following contract elements is an additional requirement that must be satisfied in a contract for sale of real estate that isn't necessarily a part of other contracts?

• A) No defects to mutual assent
• B) Consideration
• C) Offer and acceptance
• D) Written form

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the expected cost based on standard prices.

Raw Materials

Basic substances or components that are used in the initial stages of the manufacturing process to produce goods.

Raw Materials Inventory

The stock of unprocessed materials that are used in the manufacturing process to produce finished goods.

Cost of Goods Sold

The total direct costs attributable to the production of the goods sold by a company.