Which of the Following Is True Regarding Noncompliance with the Statute

question 81

Multiple Choice

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

• A) The basic legal effect under the statute of frauds and the UCC differs.
• B) The statute of frauds applies to executed and executory contracts.
• C) 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.
• D) The doctrine of promissory estoppel cannot displace the requirement of a writing under a statute of frauds.

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Definitions:

Absorption Costing

An accounting method that includes both variable and fixed manufacturing costs in the cost of a product.

Production Costs

Expenses directly and indirectly involved in creating a product, including materials, labor, and overhead costs.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a unit of product.

Net Income

The total profit of a company after all expenses, including taxes, have been subtracted from total revenues.