Express Contracts and Implied in Fact Contracts

question 1

Multiple Choice

Express contracts and implied in fact contracts:

• A) are both genuine contracts.
• B) are equally enforceable.
• C) are not really contracts.
• D) Two of these are true.

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Definitions:

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, used in financial analysis and grading.

Fixed Expenses

Recurring costs that do not fluctuate with the level of production or sales volume, such as lease payments or salaries.

Contribution Margin Percentage

A measure showing what percentage of sales revenue is available to cover fixed costs and contribute to net income, calculated as (Sales - Variable Costs) / Sales.

After-Tax Profit

The profit a company has left after paying all its taxes.