A Change in Contract Law Between the Nineteenth and Twentieth

question 22

Multiple Choice

A change in contract law between the nineteenth and twentieth centuries was:

• A) a relaxation of requirements of contract formation.
• B) an increase in technical requirements for contract formation.
• C) a movement toward enforcement of promises only if there was strict compliance with basic contract requirements.
• D) increasing difficulty for parties to get out of a contract.

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Definitions:

Frosting

A sweet, creamy icing used for coating or decorating cakes and pastries.

Period Costs

Expenses that are not directly associated with manufacturing and are therefore recorded as expenses in the period in which they are incurred.

Factory Utilities

The costs associated with utilities consumed in the manufacturing process, such as electricity, water, and gas necessary for factory operations.

Product Cost

The total expenses incurred to produce and deliver a product, including direct materials, direct labor, and overhead.