Lelainy and Trax Green Hired Jamey,owner of WeBuild4U Inc

question 31

Essay

Lelainy and Trax Green hired Jamey,owner of WeBuild4U Inc.,to construct their new family home.Construction is underway,but the Greens have decided they would like to modify the contract by upgrading to marble countertops throughout the home.Identify and briefly explain how the Greens should proceed and what the traditional common law approach will require of them in order to ensure contractual enforceability.Identify any common law jurisdiction whose court has taken a modern approach to these contractual circumstances and briefly explain what that approach entails.

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Definitions:

Revenue Variance

The difference between actual revenue and budgeted or forecasted revenue, indicating the performance of a business.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity, allowing for more accurate budgeting in variable operational conditions.

Materials Price Variance

The difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated conditions.