Contracts That Are Implied in Law

question 43

Multiple Choice

Contracts that are implied in law:

• A) are obligations imposed by law on grounds of justice and equity.
• B) are intended to prevent unjust enrichment.
• C) do not rest upon the assent of the contracting parties.
• D) All of these.

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Definitions:

Standard Costs

Predetermined or budgeted costs for materials, labor, and overhead, used as benchmarks to measure actual performance and manage costs.

Standard Costs

Standard costs are estimated expenses related to the production of goods or services under normal conditions.

Cost System

A method for accumulating and allocating costs to products or services.

Direct Materials

Raw materials directly used in the manufacture of a product and can be easily traced to the finished product.