Which of the Following Is True Regarding Noncompliance with the Statute

question 80

Multiple Choice

Which of the following is true regarding noncompliance with the statute of frauds?

• A) The doctrine of promissory estoppel cannot displace the requirement of a writing under a statute of frauds.
• B) The statute of frauds applies to executed and executory contracts.
• C) The basic legal effect under the statute of frauds and the UCC differs.
• D) A party to a contract which was unenforceable because of the statute of frauds but who relied upon the contract may recover in restitution the benefits he conferred on the other party.

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Definitions:

Direct Materials

Raw materials that are directly traceable to the production of a specific product, representing a significant portion of the costs of goods sold.

Variable Overhead Rate Variance

The difference between the actual variable overhead costs incurred and the expected costs based on the predetermined overhead rate.

Direct Materials

Raw materials that are directly traceable and allocable to the production of specific goods or services.

Raw Materials Price Variance

The difference between the actual cost of raw materials and the standard cost multiplied by the actual quantity used.