Patrick Owned an Acre of Land Which Was Being Divided

question 32

True/False

Patrick owned an acre of land which was being divided into building lots.Nancy was interested in purchasing the corner lot.In a signed writing,Patrick stated,"I will sell Nancy Grimes a lot on Route 70 for $5,500 cash,payable on April 30,2012." This writing is sufficient under the Statute of Frauds to make the contract enforceable.

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Definitions:

Labour Rate Variance

The difference between the actual cost of labor and the expected (or budgeted) cost.

Standard Hours Allowed

The amount of work hours allocated to complete a specific task or project, often used in performance measurement.

Denominator Level

In cost accounting, it refers to the level of activity used to allocate fixed costs to units of production.

Standard Costing

Standard costing is an accounting method that applies estimated costs to product costs for budgeting purposes and performance evaluation, facilitating variance analysis.